Interim report Q2 2015

Interim report January–June 2015, 16 July 2015
Q2 2015
Swedbank –Interim report January-June 2015 Page 1 of 58
Interim report for the second quarter 2015
Second quarter compared with first quarter 2015
 Resilient result in low interest rate environment
 Good cost development
 Lending growth in all home markets
 Stable net interest income but pressure from lower market
interest rates
 High customer activity strengthened net commission
income
 Net gains and losses on financial items at fair value
weighed down by valuation effects in Group Treasury
 Continued good credit quality
 One-off tax effects resulted in extra tax expense of SEK
447m
 Higher capitalisation mainly due to revaluation of pension
liability
 Accelerated pace of long-term funding
 Ratings upgrades by Moody’s (Aa3) and S&P (A+)
“The dialogue with
customers is driving our
digital offering.
Through stable profit,
low risk and high cost
efficiency, we create
the capacity
to invest in our
customers.”
Michael Wolf,
President and CEO
Financial information Q2 Q1 Jan-Jun Jan-Jun
SEKm 2015 2015 % 2015 2014 %
Total income 9 315 9 618 -3 18 933 19 775 -4
of which net interest income 5 704 5 719 0 11 423 11 004 4
Total expenses 4 047 4 168 -3 8 215 9 145 -10
Profit before impairments 5 268 5 450 -3 10 718 10 630 1
Credit impairments 6 59 -90 65 -70
Tax expense 1 538 1 101 40 2 639 2 137 23
Profit for the period attributable to the shareholders of Swedbank AB 3 666 4 320 -15 7 986 8 092 -1
Earnings per share total operations, SEK, after dilution 3,30 3,88 7,18 7,30
Return on equity, total operations, % 13,4 14,9 14,1 15,1
Return on equity, total operations, excl one-off effect tax expense, % 15,0 14,9 14,8 15,1
C/I-ratio 0,43 0,43 0,43 0,46
Common Equity Tier 1 capital ratio, % 22,4 20,5 22,4 20,9
Credit impairment ratio, % 0,00 0,02 0,01 -0,01

CEO Comment
Increased uncertainty created high market volatility
Discussions, speculation and expectations about
political, regulatory and monetary decisions contributed
to considerable market movement during the quarter. In
Europe the situation in Greece took centre stage, while
expectations of a rate hike by the Federal Reserve
affected economic expectations globally. In Sweden
negative interest rates continued to impact customer
activity. Prices of several asset classes continued to
rise, in many cases financed by growing debt. After the
end of the quarter the Riksbank decided to cut its
discount rate by an additional 10 basis points. There is a
risk that the negative rates will increase risk-taking and
contribute to imbalances. In our metropolitan areas
urbanisation and population growth are causing more
people to take on more debt with housing in such short
supply – a risk for these individuals personally and for
society as a whole. Here our politicians have to step up
in terms of housing construction and infrastructure
investment. At Swedbank we are doing what we can to
protect our customers in this environment. In the area of
mortgages we recommend that our customers amortise
their loans down to a loan-to-value ratio of 50 per cent
and require higher income buffers to ensure they can
handle higher future interest rates. In the areas of
savings the bank’s advisors are focused on investments
with lower risk, and we have seen a clear shift in our
customers’ risk appetite, with a larger share of savings
moving to structured products and deposit accounts.
High activity among our customers
Market volatility led to robust activity in FX and fixed
income trading, with more customers hedging their
positions. In the capital market our customers were
active in financing in terms of both preference shares
and more traditional debt instruments. The corporate
bond market gained pace again in Norway after a long
period of sluggish activity. We led our first Nordic euro
transaction in the form of covered bonds for a
Norwegian client. The annual Prospera survey shows
that we strengthened our position among corporate
customers and institutions.
Lending growth remained stable in the Swedish
operations, and for the first time since 2008 we saw
lending growth in the quarterly in our three Baltic home
markets. Though the growth was modest, it is a sign of
strength, especially in light of the situation in Russia. It
is impressive how the Baltic countries have successfully
diversified and found alternative markets and trading
partners. Through our strong balance sheet and close
relationships, we have been able to assist customers in
this transition.
In asset management our net sales have trended lower.
The industry is undergoing change, accelerated by the
current low interest rate environment and increased
competitive pressures. We are adapting our fund
business to the new environment in order to strengthen
our offering. We have simplified our range of funds and
through modifications to our investment approach have
improved returns. Swedbank’s good cost efficiency has
also made it possible to strengthen our offering by
cutting fund fees in the last year. The measures we
have taken have not yet produced the desired inflow of
new savings capital.
Digitisation creates a more efficient society
Our customers continue to drive digital development,
with our digital channels continuing to attract new
customers. The total number of Swish users among
private individuals has now reached 3 million, with over
5 000 new customers a day among the participating
banks. Our mobile bank for corporate customers has
been updated with requested functions to make it easier
for customers to manage their finances, including better
monitoring of cash flows and transactions. In the Baltic
countries customers increasingly choose our digital
solutions and a large share of sales is through digital
channels. Digitisation is creating faster and less
expensive distribution forms and more meeting places
at the same time that society becomes more efficient.
The demands on us as a provider of digital services are
growing significantly, and operational and security
issues are high on our agenda. At the same time that
greater efficiency facilitates further IT investment in our
offerings, more IT development is also needed to meet
increased regulatory requirements.
Higher credit ratings will benefit customers
The bank’s low risk has again led to positive reviews by
rating agencies. Our rating outlook is stable or positive
from all three major agencies. During the quarter
Moody’s raised the bank’s rating, which will mean lower
relative funding costs. Low risk and low funding costs
are an important competitive advantage in order to
create more attractive offers for our customers.
Maintaining this low risk level is one of our top strategic
priorities. During the first half-year we capitalised on
favourable market conditions to increase our long-term
funding and build buffers at a time of uncertainty, which
during the quarter led to higher funding costs.
I look forward to the rest of the year with confidence.
The challenges we have to navigate should equally be
seen as opportunities. My focus going forward is to
motivate, inspire and support my colleagues so that we
work together to maximise the bank’s full potential. With
uncertainty in the financial markets and the negative
interest rate environment, bank profits are under
renewed pressure. It is also important therefore that we
stay consistent in working with cost efficiencies.
Enjoy your summer!
Michael Wolf
President and CEO

Table of contents
Page
Financial summary 4
Overview 5
Market 5
Second quarter 2015 compared with first quarter 2015 5
Result 5
January – June 2015 compared with January – June 2014 6
Result 6
Volume trends 7
Credit and asset quality 7
Operational risks 8
Funding and liquidity 8
Ratings 8
Capital and capital adequacy 8
Events after 30 June 10
Business segments
Swedish Banking 11
Baltic Banking 13
Large Corporates & Institutions 15
Group Functions & Other 17
Eliminations 18
Product areas 19
Financial information
Group
Income statement, condensed 25
Statement of comprehensive income, condensed 26
Key ratios 26
Balance sheet, condensed 27
Statement of changes in equity, condensed 28
Cash flow statement, condensed 29
Notes 30
Parent company 52
Signatures of the Board of Directors and the President 57
Review report 57
Contact information 58
More detailed information can be found in Swedbank’s fact book, www.swedbank.com/ir, under Financial information and
publications.

Financial summary
Income statement Q2 Q1 Q2 Jan-Jun Jan-Jun
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 5 704 5 719 0 5 521 3 11 423 11 004 4
Net commission income 2 842 2 744 4 2 813 1 5 586 5 506 1
Net gains and losses on financial items at fair value 82 320 -74 773 -89 402 1 118 -64
Other income 687 835 -18 1 348 -49 1 522 2 147 -29
Total income 9 315 9 618 -3 10 455 -11 18 933 19 775 -4
Staff costs 2 375 2 472 -4 2 901 -18 4 847 5 338 -9
Other expenses 1 672 1 696 -1 2 018 -17 3 368 3 807 -12
Total expenses 4 047 4 168 -3 4 919 -18 8 215 9 145 -10
Profit before impairments 5 268 5 450 -3 5 536 -5 10 718 10 630 1
Impairment of intangible assets 0 0 1 0 1
Impairment of tangible assets 22 15 47 69 -68 37 204 -82
Credit impairments 6 59 -90 30 -80 65 -70
Operating profit 5 240 5 376 -3 5 436 -4 10 616 10 495 1
Tax expense 1 538 1 101 40 1 063 45 2 639 2 137 23
Profit for the period from continuing operations 3 702 4 275 -13 4 373 -15 7 977 8 358 -5
Profit for the period from discontinued operations, after tax -32 49 -230 -86 17 -257
Profit for the period 3 670 4 324 -15 4 143 -11 7 994 8 101 -1
Profit for the period attributable to the shareholders of
Swedbank AB 3 666 4 320 -15 4 139 -11 7 986 8 092 -1
Q2 Q1 Q2 Jan-Jun Jan-Jun
Key ratios and data per share 2015 2015 2014 2015 2014
Return on equity, continuing operations, % 13.5 14.8 16.6 14.0 15.5
Return on equity, total operations, % 13.4 14.9 15.8 14.1 15.1
Earnings per share before dilution,
continuing operations, SEK 1)
3.34 3.87 3.96 7.21 7.58
Earnings per share after dilution,
continuing operations, SEK 1)
3.32 3.84 3.94 7.16 7.53
Cost/income ratio 0.43 0.43 0.47 0.43 0.46
Equity per share, SEK 1)
103.1 96.7 97.6 103.1 97.6
Loan/deposit ratio, % 172 182 189 172 189
Common Equity Tier 1 capital ratio, % 22.4 20.5 20.9 22.4 20.9
Tier 1 capital ratio, % 25.0 23.1 22.1 25.0 22.1
Total capital ratio, % 28.2 26.2 25.3 28.2 25.3
Credit impairment ratio, % 0.00 0.02 0.01 0.01 -0.01
Share of impaired loans, gross, % 0.36 0.39 0.44 0.36 0.44
Total provision ratio for impaired loans, % 55 54 56 55 56
Liquidity coverage ratio (LCR), % 136 140 123 136 123
Net stable funding ratio (NSFR), % 2)
101 101 102 101 102
Balance sheet data 30 Jun 31 Dec 30 Jun
SEKbn 2015 2014 % 2014 %
Loans to the public, excluding the Swedish National Debt Office
and repurchase agreements 1 358 1 325 2 1 266 7
Deposits and borrowings from the public, excluding the
Swedish National Debt Office and repurchase agreements
791 661 20 669 18
Shareholders' equity 114 117 -3 108 6
Total assets 2 299 2 121 8 2 052 12
Risk exposure amount 407 414 -2 407 0
1)
The number of shares and calculation of earnings per share are specified on page 51.
2)
NSFR according to Swedbank’s best understanding of the Basel Committee’s new recommendation (BCBS295).
The key ratios are based on profit and shareholders’ equity attributable to shareholders of Swedbank.
Key ratios and text comments regarding lending and deposits relate to volumes excluding Swedish National Debt Office and repos.

Overview
Market
The recovery in the eurozone is gaining a stronger
foothold and GDP rose preliminarily by 1 per cent on an
annualised basis during the first quarter. Confidence
indicators point to continued economic growth
supported by low lending rates, rising asset prices, low
oil prices and the euro’s depreciation in the last year.
Late in the quarter some confidence indicators showed
a dampening outlook, however, in the wake of growing
concerns about Greece. Fixed income and equity
markets were highly volatile after the European Central
Bank said it would accelerate monthly bond purchases
during the summer and after the Greek crisis escalated
in late June.
US growth slowed in the first quarter, but economic
indicators at the end of the second quarter offer some
hope that the economy will again pick up. A rate hike by
the Federal Reserve later this year is expected despite
uncertainty about the strength of the US recovery.
Among major emerging markets, Russia was weighed
down by low oil prices, political uncertainty and
international sanctions. In China growth slowed at the
start of the year, mainly due to weak domestic demand.
The Shanghai Stock Exchange began the second
quarter much higher, but has fallen from mid-June.
The Swedish economy grew by 2.5 per cent on an
annualised basis during the first quarter, driven by
domestic demand, not least increased housing
construction. Household consumption began the year
strongly but stagnated in recent months. The underlying
trend in the labour market was good, but unemployment
remains high at just under 8 per cent. The Riksbank has
continued its expansive monetary policy in the wake of
low inflation and the ECB’s aggressive monetary policy.
On 2 July the Riksbank decided to cut the repo rate to
-0.35 per cent and expand its bond buying by SEK 45bn
for the period September-December 2015. This creates
the risk of higher Swedish credit growth and increased
household debt.
Growth in the Baltic countries eased during the first
quarter, with weaker exports and/or dampened
investment activity. In Lithuania growth fell due to lower
exports. Estonia also saw declining exports, which,
together with lower investment activity, kept economic
growth in check. In Latvia restored production in the
country’s largest steel mill contributed positively to
exports. Consumer spending rose marginally, while
investment growth remained weak. Annual growth in the
Baltic countries is estimated at around 2 per cent.
The Stockholm stock exchange (OMXSPI) gained 7 per
cent during the first half-year. The Tallinn stock
exchange (OMXTGI) rose by 12 per cent, the Riga stock
exchange (OMXRGI) by 8 per cent, while the Vilnius
stock exchange (OMXVGI) by 10 per cent.
Second quarter 2015
Compared with first quarter 2015
Result
The quarterly result decreased by 15 per cent to
SEK 3 666m (4 320), mainly due to a tax expense of a
one-off nature. Income and expenses decreased and
credit impairments were lower. Profit before
impairments decreased by 3 per cent to SEK 5 268m
(5 450). The result increased in every business area,
mainly in Swedish Banking, but decreased in Group
Functions & Other, where Group Treasury’s result
declined. The return on equity decreased to 13.4 per
cent (14.9). Excluding the one-off tax effect, the return
was 15.0 per cent. The cost/income ratio was
unchanged at 0.43.
Profit before
impairments
by business segment
excl FX effects Q2 Q1 Q2
SEKm 2015 2015 2014
Swedish Banking 3 172 2 970 3 056
Baltic Banking 925 879 998
Large Corporates &
Institutions 1 126 1 102 1 142
Group Functions & Other 45 490 363
Total excl FX effects 5 268 5 441 5 559
FX effects 9 -23
Total 5 268 5 450 5 536
Income decreased by 3 per cent to SEK 9 315m
(9 618). Net interest income was stable, while net
commission income increased. Net gains and losses on
financial items at fair value and other income
decreased.
Net interest income was stable at SEK 5 704m (5 719).
Net interest income increased in Swedish and Baltic
Banking and was stable in Large Corporates &
Institutions (LC&I), but decreased in Group Treasury
within Group Functions & Other, mainly because of a
less positive effect from covered bond repurchases and
lower contributions from the liquidity portfolio due to
lower market interest rates. Deposit margins decreased
in all business areas due to lower interest rates, while
higher lending volumes contributed positively. Lending
margins for Swedish mortgages increased. An extra day
during the quarter affected net interest income
positively.
Net commission income increased by 4 per cent to
SEK 2 842m (2 744). Swedish and Baltic Banking
contributed to the increase. Net commission income
was stable in LC&I. Net commission income from cards
and payments was seasonally higher. Corporate finance
and insurance commissions also raised net commission
income. Lending related commissions fell somewhat.
The extra day during the quarter had a positive effect.
Net gains and losses on financial items at fair value
were down 74 per cent to SEK 82m (320), mainly due to
a lower result in Group Treasury within Group Functions
& Other, which was weighed down by the effects of
increased credit spreads and large covered bond
repurchases. Net gains and losses in LC&I was stable.

Other income decreased by 18 per cent to SEK 687m
(835). Other income increased excluding one-off effects
in the first quarter from the sale of written-off debt in the
associated company Entercard and capital gains on
sales of branches in Sparbanken Skåne. The sale of
Svensk Fastighetsförmedling and a property sale by
Sparbanken Öresund also contributed positively in the
first quarter.
Expenses decreased by 3 per cent to SEK 4 047m
(4 168), mainly in Swedish Banking and LC&I. Staff
costs decreased the most, due to a lower number of full-
time positions. The decrease in variable compensation
was mainly due to a lower share price, which resulted in
a lower market value of social insurance costs for the
share-based programmes for 2012-2014. The number
of full-time employees decreased by 310, mainly in
Swedish Banking and Group Functions & Other.
Credit impairments decreased to SEK 6m (59). LC&I
and Swedish Banking both reported lower credit
impairments, while recoveries in Baltic Banking were
higher.
The tax expense amounted to SEK 1 538m (1 101),
corresponding to an effective tax rate of 29.4 per cent
(20.5). The quarter was affected by some large one-off
items. The decision to take an extra dividend of
SEK 3 695m from the Estonian sub-group generated a
tax expense of SEK 929m, since profit in Estonia is first
taxed upon distribution. At the same time structural
changes in the US operations, which affect Ektornet and
the New York branch, have made it possible to tax the
net result from Swedbank’s entire US operations. In
addition, a change in method was made with respect to
deductible expenses in the US. As a whole, this
produced a positive US tax effect of SEK 482m. The
one-off effects raised the tax expense by a net
SEK 447m. Excluding these one-off effects, the
quarterly effective tax rate would have been 20.8 per
cent. As previously forecasted, the effective tax rate is
estimated at 19-21 per cent in the medium term.
The result from discontinued operations decreased to
SEK -32m (49).
January-June 2015
Compared with January-June 2014
Result
The result for the period decreased by 1 per cent to
SEK 7 986m (8 092), mainly due to an increased tax
expense of a one-off nature. Income and expenses both
decreased. Minor credit impairments were posted during
the first half-year 2015, compared with minor recoveries
in the same period in 2014. Impairments were lower.
Currency fluctuations, primarily the depreciation of the
Swedish krona against the euro, raised profit by
SEK 45m. Profit before impairments was stable at
SEK 10 718m (10 630). The result increased within
Swedish Banking and Group Functions & Other but was
lower in other business areas. The return on equity
decreased to 14.1 per cent (15.1). Excluding the one-off
tax effect, the return was 14.8 per cent. The cost/income
ratio improved to 0.43 (0.46).
Profit before
impairments
by business segment
excl FX effects Jan-Jun Jan-Jun ∆
SEKm 2015 2014 SEKm
Swedish Banking 6 142 6 043 99
Baltic Banking 1 812 1 903 -91
Large Corporates &
Institutions 2 229 2 407 -178
Group Functions & Other 535 359 176
Total excl FX effects 10 718 10 712 6
FX effects -82 82
Total 10 718 10 630 88
Income decreased by 4 per cent to SEK 18 933m
(19 775). Income decreased in all business areas,
particularly in Swedish Banking and Group Treasury
within Group Functions & Other. However, net interest
income and commission income rose, while net gains
and losses on financial items at fair value and other
income fell. Changes in exchange rates increased
income by SEK 138m.
Net interest income rose by 4 per cent to SEK 11 423m
(11 004). Group Treasury’s net interest income
improved thanks to falling market interest rates. Net
interest income decreased within Swedish Banking.
Lower market interest rates adversely affected deposit
margins, while increased lending volumes and higher
mortgage margins contributed positively. Net interest
income within Baltic Banking was pressured by lower
deposit volumes. Net interest income was stable within
LC&I, where lower deposit margins were offset by
higher lending volumes. Higher stability fees reduced
net interest income by SEK 95m. Fluctuations in
exchange rates raised net interest income by SEK 88m.
Net commission income was stable at SEK 5 586m
(5 506). Insurance related income and income from card
commissions and asset management contributed
positively, while income from corporate finance and
payment commissions fell. The latter dropped partly due
to the introduction of the euro in Lithuania. Commission
income from asset management and life insurance
increased, mainly due to higher equity prices.
decreased by 64 per cent to SEK 402m (1 118). The
lower result is mainly due to the negative effects of
covered bond repurchases and increased credit
spreads, which reduced the result in Group Treasury
within Group Functions & Other. Net gains and losses
on financial items were stable within LC&I.
Other income decreased by 29 per cent to SEK 1 522m
(2 147), mainly within Swedish Banking due to one-off
income of SEK 461m in the first half-year 2014 related
to the acquisition of Sparbanken Öresund. Within Group
Functions & Other income related to Ektornet
decreased.
Expenses decreased by 10 per cent to SEK 8 215m
(9 145). The biggest decrease was in Swedish Banking,
where one-off expenses of SEK 615m were recognised
in connection with the acquisition of Sparbanken
Öresund in 2014, but also due to efficiency
improvements. Expenses decreased within Group
Functions & Other as a result of efficiency
improvements and one-off expenses in 2014 related to

the move of the head office. Expenses decreased
somewhat within Baltic Banking in local currency.
Changes in exchange rates increased expenses by
SEK 56m.
The number of full-time employees decreased. In
Swedish Banking the number fell mainly as a result of
the integration of Sparbanken Öresund. In Group
Products within Group Functions & Other the decrease
was due to efficiencies and digitised processes. In other
business areas the number of full-time employees
increased somewhat.
Credit impairments increased to SEK 65m (recoveries of
70), mainly because Baltic Banking reported lower net
recoveries. Within Swedish Banking and LC&I credit
impairments remained at low levels, though somewhat
higher than in 2014. Impairments of tangible asset
decreased to SEK 37m (204), attributable to Ektornet.
The tax expense amounted to SEK 2 639m (2 137),
corresponding to an effective tax rate of 24.9 per cent
(20.4). The effective tax rate was affected by one-off
effects in Estonia and the US operations, which
increased the net tax expense by SEK 447m. Excluding
this net effect, the effective tax rate would have been
20.6 per cent. According to an earlier forecast, the
effective tax rate is estimated at 19-21 per cent in the
medium term.
The result for discontinued operations amounted to
SEK 17m (-257). A reclassification of SEK -223m was
recognised in the first half-year 2014 to wind down the
Russian operations.
Volume trends
Swedbank’s lending increased by SEK 33bn or 2 per
cent during the first half-year, of which SEK 16bn relates
to the second quarter. Fluctuations in exchange rates
reduced lending by SEK 1bn in the first half-year and by
SEK 3bn in the second quarter.
Lending to mortgage customers in Sweden increased
during the six-month period by SEK 20bn to SEK 658bn,
of which SEK 11bn during the second quarter.
Swedbank’s market share of net growth was 22 per cent
during the first five months of the year, compared with a
total market share of 25 per cent (25 per cent as of 31
December). Mortgage volume in Baltic Banking
increased by 1 per cent in local currency to a total of
SEK 54bn. In Estonia and Lithuania the portfolios grew
by 2 per cent, while it decreased by 1 per cent in Latvia.
Private lending other than mortgages grew by SEK 4bn
during the six-month period to SEK 137bn. The biggest
increase was in lending to tenant-owner associations,
which rose by SEK 3bn to SEK 101bn. In Baltic Banking
volumes grew by 4 per cent in local currency to SEK
11bn. All countries saw growth.
Corporate lending within Swedish Banking and LC&I
rose by SEK 11bn during the first half-year to SEK
444bn. The growth rate decreased compared with the
second half-year 2014. Swedbank’s market share of net
growth was 28 per cent. The total market share was
stable at 18.9 per cent (18.7) as of 31 May. In Baltic
Banking corporate lending increased by 4 per cent in
local currency to SEK 62bn. The lending portfolio grew
by 7 per cent in Lithuania, 3 per cent in Estonia and
1 per cent in Latvia.
Swedbank’s deposits grew during the first half-year by
SEK 130bn to a total of SEK 791bn. The increase was
mainly due to higher deposits in Group Treasury from
US money market funds. In Swedish Banking volumes
increased by SEK 16bn, of which SEK 13bn was from
private customers, with tax refunds and transfers from
fixed income funds among the positive contributors
during the second quarter. In LC&I volumes were stable.
In Baltic Banking deposits increased by 2 per cent in
local currency. Deposits increased in Estonia, but
decreased somewhat in Latvia and Lithuania. Market
shares in Sweden declined somewhat as of 31 May to
20.9 per cent (21.1) for household deposits and 17.5 per
cent (18.7) for corporate deposits.
Fund assets under management amounted to
SEK 760bn (715), of which SEK 729bn is attributable to
the Swedish operations. Discretionary assets under
management amounted to SEK 350bn (337). The
increase in assets under management was mainly due
to positive market performance. During the first half-year
Swedbank Robur had a net outflow of SEK 4bn in the
Swedish market, where the outflow was SEK 6bn in the
second quarter. The trend from the first quarter with
outflows from fixed income funds and inflows to mixed
funds continued. Equity funds also reported large
outflows; the net outflow from Swedbank Robur’s equity
funds was SEK 11bn, of which SEK 10bn was in the
second quarter. Discretionary management saw an net
inflow of SEK 9bn during the first half-year. Swedbank
Robur’s market share for net inflows was negative
(13 per cent for 2014). Swedbank is also a distributor of
other management companies’ funds. Swedbank’s
share of total net sales in the Swedish fund market was
0.1 per cent during the first half-year (22 per cent for
2014).
For more information on the product areas, see page
19.
Credit and asset quality
Macroeconomic and political concerns mainly related to
the crisis in Greece and sanctions against Russia
continued to dampen economic conditions in
Swedbank’s four home markets. The bank’s credit and
asset quality has not been affected, however. Direct
exposures to Greece amounted to SEK 2m and to
Russia SEK 141m. Swedbank works continuously to
analyse the direct and indirect effects of actual and
anticipated global changes. This includes a Greek exit
from the eurozone. The assessment is that a Grexit
would have little impact on the bank. Moreover, the
bank dialogues continuously with customers that could
be affected, for example, by trade restrictions against
Russia. Oil prices rose after plummeting in late 2014,
but are still significantly lower than before. The bank and
its customers have taken measures to adjust to the
prevailing low oil prices.
The bank’s mortgages in Sweden grew during the first
half-year. The increase was mainly in locations where
the economy is growing. Low risk is maintained in the
mortgage portfolio through good controls and monitoring
as well as strict credit terms, part of which includes
encouraging borrowers to amortise. Such measures
have become even more important given the continued
rise in house prices. Lending to non-housing related
property companies in Sweden rose by SEK 5.9bn

during the half-year. Risk in the portfolio remained low
thanks to solvent customers with low loan-to-value
ratios.
During the second quarter 94 per cent of new
mortgages granted in Sweden with a loan-to-value ratio
over 70 per cent were being amortised, as were 53 per
cent of those with a loan-to-value ratio between 50 and
70 per cent. Amortisations in the Swedish mortgage
portfolio during the latest 12-month period amounted to
about SEK 10.7bn. The average loan-to-value ratio for
Swedbank’s mortgages in Sweden was 59.2 per cent
(60.1 as of 31 December 2014). In Estonia it was
50.9 per cent (53.9), in Latvia 104.3 per cent (108.2)
and in Lithuania 78.7 per cent (84.8), based on property
level. For more information, see page 56 of the fact
book.
Impaired loans decreased during the first half-year by
SEK 0.7bn to SEK 5.6bn and correspond to 0.36 per
cent (0.41) of total lending. The provision ratio for
impaired loans was 37 per cent (35) and including
portfolio provisions was 55 per cent (53). Impaired loans
continued to fall in Baltic Banking and now amount to
SEK 3.6bn. The share of Swedish mortgages past due
more than 60 days remained low at 0.06 per cent of the
portfolio (0.07). For more information on credit risk, see
pages 48-55 of the fact book.
Impaired loans,
by business segment Jun 30 Dec 31 Jun 30
SEKm 2015 2014 2014
Swedish Banking 1 548 1 661 1 522
Baltic Banking 3 585 3 646 4 511
Estonia 1 217 1 241 1 297
Latvia 1 279 1 368 1 837
Lithuania 1 089 1 037 1 377
Large Corporates & Institutions 447 583 279
Total 5 580 5 890 6 312
Credit impairments amounted to SEK 65m during the
first half-year (419 for the full-year 2014) and mainly
related to provisions for anticipated credit impairments
in Sweden and Lithuania. Baltic Banking reported
further net recoveries, but at a lower level. Repossessed
assets continued to decrease to SEK 708m (933). For
more information on repossessed assets, see page 35
of the fact book.
Credit impairments, net
by business segment Q2 Q1 Q2
SEKm 2015 2015 2014
Swedish Banking 48 52 25
Baltic Banking -49 -9 -16
Estonia -9 14 -25
Latvia -95 -10 12
Lithuania 55 -13 -4
Other 0 0 1
Large Corporates & Institutions 7 16 22
Group Functions & Other 0 0 -1
Total 6 59 30
Stress test – Internal Capital Adequacy
Assessment Process 2015
The bank continuously undergoes a number of stress
tests, both internal and external, by for example the
Swedish Financial Supervisory Authority (SFSA) and
the Riksbank. They demonstrate the bank’s strong
resilience to potentially very negative changes in the
operating environment such as negative growth, high
unemployment and significantly lower house prices in
the bank’s home markets. Swedbank’s Internal Capital
Adequacy Assessment Process (ICAAP) indicates that
the impact on the bank’s results and capitalisation is
limited. The aggregate credit impairment ratio for the
three years in the recession scenario is 1.1 per cent,
and after capitalisation has decreased in the first year it
strengthens in the second year with the help of the
bank’s profits. For more information on Swedbank’s
ICAAP 2015 and its outcome, see page 64 in the fact
book.
Operational risks
The bank’s direct losses attributable to operational risks
remained low during the second quarter. The trend from
the previous year is continuing and the number of IT
incidents is on the decline. A major incident occurred in
early June, however, when the bank’s digital channels
shut down.
In the last two years work has been done to improve
Swedbank’s operational risk management. During the
quarter Swedbank applied to the SFSA to use the
Advanced Measurement Method (AMA) to calculate
operational risks. The application is now being
evaluated by the SFSA.
Funding and liquidity
Demand for Swedbank’s bonds and private placements
remained high during the first half-year. In 2015
Swedbank has issued larger volumes of long-term
bonds and taken advantage of favourable market
conditions partly to pre-finance upcoming maturities, but
also to match higher lending volumes. During the
second quarter the bond markets reacted to the
economic and political uncertainty, which led to high
market volatility and higher credit spreads. During the
first half-year Swedbank issued SEK 133bn in long-term
debt, of which SEK 68bn related to the second quarter.
Covered bonds were the most important source of
financing for the bank, accounting for SEK 88bn. The
higher share of senior unsecured funding contributed
positively to the Net Stable Funding Ratio (NSFR).
According to the updated definition (Basel 3) of how to
calculate NSFR, a larger share of assets has to be
financed with long-term financing. According to
Swedbank’s interpretation of the update, the bank’s
NSFR amounts to 101 per cent as of 30 June.
On 30 June the total volume of short-term funding
amounted to SEK 157bn (195 as of 31 December 2014)
at the same time that SEK 238bn was placed with
central banks.
Swedbank’s most important liquidity measure is the
survival horizon, which showed that the bank as of
30 June would survive more than 12 months with the
capital markets completely shut down. This applies to
total liquidity as well as liquidity in USD and EUR. For
more information on the bank’s funding and liquidity,
see pages 66-82 of the fact book.
Ratings
Moody’s upgraded Swedbank’s rating by one step in the
second quarter to Aa3 with a stable outlook.
Swedbank’s individual rating was upgraded as well,
from baa1 to a3. The upgrade was motivated by
Swedbank’s strong earnings generation and high asset
quality, which is underpinned by the bank’s long-term
strategy and strong brand.

S&P also upgraded Swedbank’s individual rating one
step, to a+, and raised its ratings outlook to stable from
negative. Its final rating of A+ was confirmed. The
upgrade was motivated by Swedbank’s governance
continuity, stable profitability and high efficiency.
The result from Fitch Ratings affirmed Swedbank’s A+
rating with a positive outlook. The high rating and
positive outlook were motivated by the bank’s high
capital ratios, strong profitability and low credit
impairments.
Capital and capital adequacy
The Common Equity Tier 1 capital ratio was 22.4 per
cent on 30 June 2015 (20.5 per cent as of 31 March
2015 and 21.2 per cent as of 31 December 2014).
Common Equity Tier 1 capital increased by SEK 4.7bn
during the quarter to SEK 91.2bn. The change was
mainly due to the revaluation of the estimated pension
liability according to IAS 19. This increased Common
Equity Tier 1 capital by about SEK 3.4bn, mainly due to
a higher discount rate caused by rising long-term
interest rates. During the quarter the SFSA approved a
reduction of the upper limit on the bank’s holding of
treasury shares. This positively affected equity by
SEK 0.4bn. The bank’s profit after deducting anticipated
dividends positively affected Common Equity Tier 1
capital by SEK 0.7bn.
Change in Common Equity Tier 1 capital, 2015, Swedbank
consolidated situation
87.9
91.2
3.4
0.6
3.4
-2.7
86.5
50
55
60
65
70
75
80
85
90
95
100
SEKbn
Increase Decrease
The risk exposure amount (REA) decreased by just over
SEK 15.6bn during the second quarter to SEK 406.8bn
as of 30 June (422.3 as of 31 March). REA for credit
risks decreased by SEK 10.1bn. Increased exposures to
mortgages and corporate customers mainly in Sweden
raised REA. This was offset by lower liquidity
placements and lower market values on derivatives, due
to rising interest rates and a stronger krona, which
decreased counterparty credit risk. Improved customer
creditworthiness contributed to positive PD migrations,
which reduced REA by SEK 3.7bn. Better data
processes and increased collateral values had a
positive effect on LGD, which helped to reduce REA by
SEK 2.4bn.
REA for credit valuation adjustment (CVA risk)
decreased by SEK 1.7bn as a result of lower market
values. REA for market risks decreased by SEK 3.7bn.
This was mainly because the SFSA approved a
modification of one of the bank’s valuation models, so
that they could handle negative interest rates. REA for
operational risks was unchanged during the quarter.
Change in REA, 2015, Swedbank consolidated situation
-3.7
-1.8
-2.4
-2.2
-1.7
-3.7
0.0
414.2
422.3
406.8
360
370
380
390
400
410
420
430
SEKbn
Increase Decrease
Uncertainty about capital regulations remains
In May 2015 the SFSA published standardised methods
for assessing capital requirements within Pillar 2 for
three types of risk: credit-related concentration risk,
interest rate risk in the banking book and pension risk.
The SFSA will implement the methods in the
supervisory capital assessment it publishes in the third
quarter 2015. In June it decided to raise the
countercyclical buffer to 1.5 per cent. The increase,
which will apply from 27 June 2016, also affects
Swedbank’s capital requirement through the risk weight
floor of 25 per cent for the Swedish mortgage portfolio.
Swedbank’s capital requirement increased during the
quarter to a Common Equity Tier 1 capital ratio
corresponding to 19.6 per cent as of 30 June. The
capital requirement is, among other things, increasing
because the capital requirement for the risk weight floor
for mortgages in Pillar 2 is increasing in relation to the
total risk exposure amount. The requirement has also
taken into account the increased countercyclical buffer
(2016) and Swedbank’s assumed capital requirement
for individual Pillar 2 risks of 1.1 per cent in accordance
with the SFSA‘s publication. Swedbank’s Common
Equity Tier 1 capital ratio was 22.4 per cent as of 30
June.
At the same time that the Swedish capital requirements
are being clarified, international work is underway
regarding future capital requirements for banks. Among
other things, the Basel Committee is trying to improve
the comparability of banks’ capital ratios. The work
covers future standard methods for calculating capital
requirements for credit, market and operational risks,

including the possibility of a capital floor for banks that
use internal models. Due to uncertainty about the
specifics of the new regulations and how and when they
will be implemented, it is still too early to draw any
conclusions about the potential impact on Swedbank.
An evaluation of the leverage ratio is also underway
ahead of the possible introduction of a minimum
requirement in 2018. Swedbank’s leverage ratio as of
30 June was 4.5 per cent (4.4 per cent on 31 March).
Events after 30 June 2015
In December 2014 the Swedish Shareholders'
Association (Aktiespararna) submitted a claim to the
National Board for Consumer Disputes (ARN) against
Swedbank Robur. Aktiespararna claimed that two funds,
Allemansfond Komplett and Kapitalinvest, were not
actively managed for an extended period and that
Swedbank Robur therefore should repay a portion of the
management fee. Swedbank countered that it has been
an active manager and has been clear in explaining its
management approach and the fees it charged. On 1
July ARN rejected the claim, stating that the dispute is
not suitable for the ARN to try. The funds have
previously been investigated by the Swedish Financial
Supervisory Authority and the Swedish Consumer
Agency, which dropped the cases.
Swedbank received an award as best bank in Sweden
by the leading financial magazine Euromoney. One
reason stated was its use of digital channels. Other
areas that were mentioned were the bank’s profitability,
capital base and improved lending position despite
maintaining low risk.

Swedish Banking
 Lower market interest rates affected net interest income negatively...
 ...while higher lending volumes and margins contributed positively
 Lower cost level
Income statement
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 3 281 3 190 3 3 361 -2 6 471 6 677 -3
Net gains and losses on financial items at fair value 63 54 17 52 21 117 103 14
Share of profit or loss of associates 228 278 -18 409 -44 506 665 -24
Other income 180 226 -20 609 -70 406 759 -47
Total income 5 668 5 529 3 6 208 -9 11 197 11 614 -4
Staff costs 883 919 -4 1 315 -33 1 802 2 189 -18
Variable staff costs 34 54 -37 51 -33 88 100 -12
Other expenses 1 552 1 558 0 1 770 -12 3 110 3 251 -4
Depreciation/amortisation 27 28 -4 16 69 55 32 72
Total expenses 2 496 2 559 -2 3 152 -21 5 055 5 572 -9
Profit before impairments 3 172 2 970 7 3 056 4 6 142 6 042 2
Credit impairments 48 52 -8 25 92 100 56 79
Operating profit 3 124 2 918 7 3 031 3 6 042 5 986 1
Tax expense 676 611 11 563 20 1 287 1 198 7
Profit for the period 2 448 2 307 6 2 468 -1 4 755 4 788 -1
Swedbank AB 2 444 2 303 6 2 464 -1 4 747 4 780 -1
Non-controlling interests 4 4 0 4 0 8 8 0
Return on allocated equity, % 18.9 17.9 30.0 18.4 29.3
Credit impairment ratio, % 0.02 0.02 0.01 0.02 0.01
Loans, SEKbn 1 050 1 039 1 986 6 1 050 986 6
Deposits, SEKbn 428 400 7 401 7 428 401 7
Full-time employees 4 651 4 898 -5 5 047 -8 4 651 5 047 -8
Development January - June
The result for the period was stable at SEK 4 747m
(4 780). Income and expenses both decreased, mainly
due to larger one-off items in the second quarter 2014 in
connection with the acquisition of Sparbanken Öresund.
Income during the first half-year was pressured by lower
deposit margins, while the focus on further cost
efficiencies reduced the number of employees and
resulted in lower staff costs.
Net interest income decreased by 3 per cent compared
with the first half-year 2014 as a result of lower deposit
margins, which were adversely affected by lower market
interest rates. This was partly offset by higher lending
volumes and higher mortgage margins on both new
lending and the existing portfolio. Margins have
gradually risen since mid-year 2014 to compensate for
higher capital adequacy requirements in the form of
higher risk weights for mortgages. As of the fourth
quarter 2014 capital equivalent to a 25 per cent risk
weight floor for Swedish mortgages is allocated to the
business area, which increases allocated capital and
reduces its profitability. Compared with the first quarter
net interest income rose somewhat. Increased lending
volumes and improved mortgage margins contributed
positively, while deposit margins continued to decline.
Household deposit volumes increased by SEK 13bn
from the beginning of the year, of which SEK 15bn in
the second quarter, when tax refunds and transfers from
fixed income funds were among the positive
contributors. Swedbank’s share of household deposits
was 20.9 per cent as of 30 June (21.1 per cent as of 31
December 2014). Corporate deposits within Swedish
Banking increased by SEK 3bn from the beginning of
the year. Swedbank’s market share, including corporate
deposits within LC&I, decreased to 17.5 per cent as of
31 May (18.7 per cent as of 31 December 2014).
Swedbank’s household mortgage lending volume
increased by SEK 19bn from the beginning of the year.
Swedbank’s market share of net growth was unchanged
compared with the previous quarter at 22 per cent.
Swedbank’s share of the total market was 25 per cent
(25 per cent as of 31 December 2014). Since the
beginning of the year corporate lending increased by
SEK 4bn, but decrease by SEK 1bn during the quarter.
The market share, including corporate lending within
LC&I, was stable at 18.9 per cent (18.7 per cent as of
31 December 2014).

Net commission income rose by 8 per cent during the
first half-year compared with the same period in 2014.
The increase was mainly due to increased income from
structured products as well as card and payment
commissions as a result of higher volumes. Fund
management income was stable. Rising equity prices
contributed positively. Reductions in fund fees, which
were implemented primarily in the fourth quarter 2014
and first quarter 2015 to create a more attractive
customer offering and adapt the fees to a low interest
rate environment, adversely affected income.
Swedbank’s market share in terms of total assets under
management was 22 per cent (23 per cent as of 31
December 2014). Total new savings were higher during
the first half-year 2015 than in the same period in 2014.
A larger share of the savings related to deposit
accounts and a significantly smaller share to funds.
During the second quarter net commission income rose
by 8 per cent, mainly due to seasonally higher card and
payment commissions as well as increased fund
management income. The trend away from equity and
fixed income funds toward mixed funds continued, as
did inflows to investment savings accounts driven by
favourable tax effects and the reduced deductibility of
individual pension savings. A clear shift was also
evident in customers’ risk appetite, with the bank’s
advice in this low interest rate environment focused
more on savings with lower risk. A larger share of
savings was invested during the quarter in structured
products and deposit accounts.
The share of associates’ profit decreased compared
with both the previous year and the first quarter 2015,
mainly due to one-off effects. The positive effects of the
sale of written-off debt by Entercard and a capital gain
reported by Sparbanken Skåne in connection with
branch sales were recognised in the first quarter 2015.
One-off income of SEK 230m related to Entercard was
recognised during the first half-year 2014.
Other income was lower than in the previous year and
the first quarter 2015 due to one-off income. Income of
SEK 461m related to the acquisition of Sparbanken
Öresund was recognised during the first half-year 2014.
One-off income totalling SEK 90m was recognised
during the first quarter 2015 for Sparbanken Öresund’s
property sales and the sale of Svensk
Fastighetsförmedling.
Expenses decreased during the first half-year compared
with the same period in 2014, when one-off expenses in
connection with the acquisition of Sparbanken Öresund
contributed to higher overall expenses. The increased
focus on efficiencies has also reduced expenses, mainly
related to staff. Expenses fell compared with the first
quarter as well, mainly due to lower staff costs and
marketing expenses. Increased customer activity in
digital channels has changed the way customers
interact with the bank and is gradually reducing staff
costs.
During the second quarter Swedbank tightened its
mortgage requirements in Sweden to ensure its
customers can handle an economic slowdown. The
requirements include, among other things, the size of
the loan in relation to income and the interest rate
borrowers have to be able to manage in the bank’s “left-
to-live-on” calculation being raised to at least 7 per cent.
Swedbank also continues to promote the benefits of
amortisation and recommends that mortgage customers
amortise down to a loan-to-value of 50 per cent.
The number of customers who use Swedbank’s digital
channels continues to grow. The Internet Bank had 3.8
million users as of 30 June, an increase of 69 000
during the year. The Mobile Bank had 2.2 million
(+225 000) and the iPad Bank had 0.6 million (+58 000).
During the quarter the mobile bank for corporate
customers was updated with requested functions to
make it easier for customers to manage their finances,
including better monitoring of cash flows and
transactions. Sweden is seeing a major increase in
Swish users. The number of payments is increasing
every month and the number of total users among the
participating banks now tops 3 million private
individuals. On average more than two Swish payments
are made per user and month. Increasing digitisation
strongly contributed to a year-on-year decrease of 16
per cent in the number of teller transactions in branches.
At the same time the number of advisory meetings
decreased by 16 per cent.
Sweden is Swedbank’s largest market, with around 4 million private customers and more than 250 000 corporate
customers. This makes it Sweden’s largest bank by number of customers. Through our digital channels (Telephone Bank,
Internet Bank, Mobile Bank and iPad Bank) and branches, and with the support of savings banks and franchisees, we are
always available. Swedbank is part of the local community. The bank’s branch managers have a strong mandate to act in
their local communities. The bank’s presence and engagement are expressed in various ways. A project called “Young
Jobs”, which has created several thousand trainee positions for young people, has played an important part in recent
years. Swedbank has 296 branches in Sweden. The various product areas are described on page 19.

Baltic Banking
 Positive growth in lending volumes
 One-off tax effect from extra dividend
 Higher customer activity strengthens commission income
Income statement
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 865 831 4 894 -3 1 696 1 768 -4
Net commission income 524 469 12 522 0 993 951 4
Net gains and losses on financial items at fair value 45 50 -10 62 -27 95 115 -17
Other income 102 149 -32 118 -14 251 227 11
Total income 1 536 1 499 2 1 596 -4 3 035 3 061 -1
Staff costs 209 210 0 193 8 419 380 10
Variable staff costs 18 19 -5 19 -5 37 39 -5
Other expenses 350 345 1 373 -6 695 737 -6
Depreciation/amortisation 34 38 -11 35 -3 72 71 1
Total expenses 611 612 0 620 -1 1 223 1 227 0
Profit before impairments 925 887 4 976 -5 1 812 1 834 -1
Impairment of tangible assets 1 -2 3 -67 -1 -2 -50
Credit impairments -49 -9 -16 -58 -117 -50
Operating profit 973 898 8 988 -2 1 871 1 952 -4
Tax expense 1 064 131 158 1 195 295
Profit for the period -91 767 830 676 1 657 -59
Swedbank AB -91 767 830 676 1 657 -59
Return on allocated equity, % -1.8 15.0 15.6 6.7 15.3
Credit impairment ratio, % -0.16 -0.03 -0.06 -0.09 -0.20
Loans, SEKbn 126 125 1 122 3 126 122 3
Deposits, SEKbn 138 135 2 122 13 138 122 13
Full-time employees 3 841 3 811 1 3 829 0 3 841 3 829 0
Profit for the first six months of 2015 amounted to
SEK 676m, a decrease of 59 per cent compared with
the same period in 2014. The decrease is due to a
higher tax expense caused by an extra dividend from
the Estonian sub-group during the second quarter.
Changes in exchange rates raised profit by SEK 30m.
Net interest income in local currency decreased by 8 per
cent compared with the first half-year 2014. Low market
interest rates pressured deposit margins. Changes in
exchange rates improved net interest income by
SEK 65m. Compared with the previous quarter net
interest income increased by 5 per cent in local
currency, supported by higher lending volumes.
Lending volumes increased by 3 per cent in local
currency compared with 31 December 2014, driven by
increased credit demand in light of stable
macroeconomic conditions in the Baltic countries
despite external uncertainties. The positive trend was
seen in all major portfolios: corporate lending, leasing,
consumer finance and mortgages. Lending volume grew
in Estonia, where the bank strengthened its market
position, and in Lithuania, where growth opportunities
were good. In Latvia lending volume has been stable
since the beginning of the year but increased somewhat
in local currency during the second quarter. Swedbank’s
market share for lending was 29 per cent as of 31
March 2015 (29 per cent as of 31 December 2014).
Deposit volumes in local currency increased by 2 per
cent from 31 December 2014. Deposits increased in
Estonia, but decreased somewhat in Latvia and
Lithuania. Swedbank’s market share in deposits was
28 per cent as of 31 March 2015 (28 per cent as of 31
December 2014). The loan-to-deposit ratio was 92 per
cent (91 per cent as of 31 December 2014).
Net commission income was stable in local currency
compared with the first half-year 2014. Higher customer
activity increased commissions related to cards, asset
management and lending. The number of card
transactions rose by 13 per cent. Payment commissions
decreased due to Lithuania’s adoption of the euro and a
reversal of a previous fine (SEK 35m) last year.
Compared with the previous quarter net commission
income increased by 13 per cent in local currency,
mainly due to seasonally higher card and payment
commissions. Changes in the reporting of insurance
income increased net commission income by SEK 22m
during the quarter and reduced other income
correspondingly.

decreased by 20 per cent in local currency compared
with the first half-year 2014. The decrease was mainly
due to lower income from the Lithuanian FX trading
business as a result of the euro adoption.
Other income increased by 6 per cent in local currency
compared with the first half-year 2014. Income
increased due to higher insurance-related income,
which rose mainly due to changes in the assumptions
for calculating provisions for guaranteed return products
in traditional life during the first quarter. Premium
income increased by 15 per cent for life insurance
products and by 14 per cent for non-life products. Other
income was negatively affected by a reversal of a
previously recognised VAT refund of SEK 16m for intra-
Group invoicing in Latvia.
Total expenses decreased by 4 per cent in local
currency compared with the first half-year 2014, mainly
as a result of lower expenses for premises and IT. Staff
costs rose due to wage increases. With customers
increasingly choosing the digital services, the bank has
been able to reduce its number of branches by 25 to
149 in the last year, of which 52 are cash-smart
branches that focus on advisory services. The emphasis
on digital sales is continuing through automated
campaigns and specifically targeted offers. Over 40 per
cent of new sales to private customers are made
through the bank’s digital channels. IT expenses
decreased after work related to the euro transition in
Lithuania was completed. Compared with the previous
quarter expenses were largely unchanged.
Net recoveries amounted to SEK 58m (117 in the first
six months of 2014). Latvia reported net recoveries,
mainly from a few large commitments, while Estonia
reported marginal credit impairments and Lithuania
reported credit impairments related to a few customers.
No financial impact is evident owing to the situation in
Russia. The sectors most affected by the Russian
recession are agriculture and transportation, but
Swedbank’s exposure to them directly or indirectly is
limited. Swedbank continues to take preventive
measures to help customers that could be affected by
the Russian situation. No major spillover effects have
been observed on customers’ finances or business
activity.
Impaired loans amounted to SEK 3.6bn (4.0 as of 31
December 2014). The share of impaired loans was
2.8 per cent (3.1 as of 31 December 2014). Credit
quality has improved to such a level that impaired loans
are now decreasing at a more moderate pace.
Last year Europe’s capital adequacy requirements
(CRR/CRD IV) were clarified, which made it possible to
further optimise the Group’s capital structure.
Swedbank’s Baltic operations are very well capitalised
after a long period of robust profitability. During the
second quarter Swedbank therefore decided to take an
extra dividend from the Estonian sub-group of SEK
3.7bn to the parent company. Since profits in Estonia
are first taxed upon distribution, this generated an extra
tax expense of SEK 929m. Swedbank’s normal dividend
policy with respect to the Baltic operations is that around
60 per cent of profits generated by the Baltic
subsidiaries since 2014 will be distributed to the parent
company, Swedbank AB. Swedbank is also reviewing
the possibility to optimise the capital structure in the
Latvian and Lithuanian subsidiaries. Distributions in
Latvia and Lithuania do not produce similar tax effects,
since company tax is paid on an ongoing basis.
Swedbank is the largest bank by number of customers in Estonia, Latvia and Lithuania, with around 4 million private
customers and more than 250 000 corporate customers. According to surveys, Swedbank is also the most respected
company in the financial sector. Through its digital channels (Telephone Bank, Internet Bank and Mobile Bank) and
branches, the bank is always available. Swedbank is part of the local community. Its local social engagement is
expressed in many ways, with initiatives to promote education, entrepreneurship and social welfare. Swedbank has 38
branches in Estonia, 43 in Latvia and 68 in Lithuania. The various product areas are described on page 19.

Large Corporates & Institutions
 Lower market interest rates continued to pressure net interest income
 Stable earnings in volatile fixed income and FX markets
 Stronger role in euro bond issues
Income statement
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 862 862 0 849 2 1 724 1 717 0
Net commission income 491 496 -1 505 -3 987 1 133 -13
Net gains and losses on financial items at fair value 576 587 -2 577 0 1 163 1 141 2
Other income 39 35 11 28 39 74 65 14
Total income 1 968 1 980 -1 1 959 0 3 948 4 056 -3
Staff costs 363 359 1 331 10 722 657 10
Variable staff costs 72 82 -12 74 -3 154 149 3
Other expenses 390 420 -7 396 -2 810 815 -1
Depreciation/amortisation 17 16 6 16 6 33 38 -13
Total expenses 842 877 -4 817 3 1 719 1 659 4
Profit before impairments 1 126 1 103 2 1 142 -1 2 229 2 397 -7
Operating profit 1 119 1 087 3 1 120 0 2 206 2 405 -8
Tax expense 16 251 -94 223 -93 267 513 -48
Profit for the period 1 103 836 32 897 23 1 939 1 892 2
Swedbank AB 1 103 836 32 897 23 1 939 1 892 2
Return on allocated equity, % 21.2 16.9 22.9 19.1 24.6
Loans, SEKbn 182 178 2 158 15 182 158 15
Deposits, SEKbn 106 117 -9 98 8 106 98 8
Full-time employees 1 201 1 209 -1 1 138 6 1 201 1 138 6
The result for the first half-year 2015 was stable
compared with the same period in 2014, influenced by a
positive tax effect during the second quarter 2015 at the
same time that the operating result for 2014 was strong.
Net interest income was stable compared with the first
half-year 2014. Lower deposit margins were offset by
increased volumes and stable lending margins. Lending
volumes increased by SEK 24bn compared with the first
half-year 2014, of which SEK 6bn was attributable to
changes in exchange rates. The strategy to gradually
grow the business with existing customers and
selectively expand the customer base contributed to
increased lending volumes. The biggest increase was in
the property sector. Deposit volumes increased by
SEK 8bn. Net interest income was also stable compared
with the previous quarter. Deposit margins continued to
shrink, however, at the same time that deposit volumes
decreased after large one-off deposits were made at the
end of the first quarter. Despite the negative interest
rate environment, Swedbank has decided to charge only
financial institutions in a few currencies. Lending
volumes grew by SEK 4bn in the quarter, mainly in the
retail and energy sectors. In addition, credit demand
remained low due to good liquidity and relatively low
investments among large corporate customers. The
lending margin on the existing portfolio was stable, while
the margins on new lending were pressured by
increased competition.
Net commission income decreased by 13 per cent year-
on-year to SEK 987m. The decrease is mainly related to
lower income from bond issues in Norway and IPOs in
Sweden. Compared with the first quarter net
commission income was stable. Funding activity
increased, and the market for high-yield corporate bond
issues in Norway improved as uncertainty about oil
prices eased. In Sweden preference share issues
contributed to higher income, while lending
commissions and various types of securities
commissions decreased. M&A activity remained high,
which also positively affected income. During the
quarter Swedbank strengthened its presence in the euro
market through its leading role in euro issues for
borrowers in Finland, Norway and Sweden. Swedbank
remains a leader in debt issues, where it participated in
a number of benchmark issues during the quarter.
Swedbank’s market share for Swedish bond issues
(SEK) was 26 per cent in 2015 (20 per cent as of 31
December) and in Norway (NOK) was 16 per cent
(18 per cent as of 31 December). This made Swedbank
the largest player in Sweden and the third largest in
Norway.
were stable compared with both the first half-year 2014
and the previous quarter. The quarter began strongly in
both risk management and with respect to customer
activity, while the second half was distinguished by

uncertainty in the financial markets, significant increases
in interest rates and low liquidity, resulting in lower
customer activity.
Total expenses for the first half-year rose by 4 per cent
compared with the same period in 2014. The increase
was mainly due to higher staff costs as a result of
deliberate investments. Compared with the previous
quarter total expenses fell by 4 per cent, mainly due to
temporarily lower IT and consulting expenses.
Structural changes in the US operations have made it
possible to tax the net result in the business, which
produced a positive one-off effect of SEK 230m in the
second quarter.
Credit impairments amounted to SEK 23m (-8) for the
first half-year 2015. The share of impaired loans was
0.15 per cent (0.22 as of 31 December 2014).
Credit quality in the loan portfolio is good. Oil prices
stabilised slightly in the second quarter and companies
in the offshore and other oil-related sectors took
measures to adapt to a lower investment level.
Swedbank closely dialogues with customers in these
sectors, which mainly consists of listed companies with
high credit ratings and long-term customer contracts.
These customers presumably can handle an extended
period of low oil prices despite the financial constraints.
Raising customer satisfaction is one of the bank’s
strategic priorities. During the second quarter Prospera
presented the results of its surveys, which showed that
Swedbank had strengthened its position in several
product areas, including bond issues and FX trading.
Large Corporates & Institutions is responsible for Swedbank’s offering to customers with revenues above SEK 2 billion
and those whose needs are considered complex due to multinational operations or a need for sophisticated financing
solutions. They are also responsible for developing corporate and capital market products for other parts of the bank and
the Swedish savings banks. LC&I works closely with customers, who receive advice on decisions that create sustainable
profits and growth. LC&I is represented in Sweden, Norway, Estonia, Latvia, Lithuania, Finland, Luxembourg, China, the
US and South Africa.

Group Functions & Other
Income statement
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 696 836 -17 417 67 1 532 838 83
Net commission income -109 -20 -12 -129 -24
Net gains and losses on financial items at fair value -600 -372 61 82 -972 -241
Share of profit or loss of associates 0 1 1 1 1 0
Other income 188 189 -1 252 -25 377 577 -35
Total income 175 634 -72 740 -76 809 1 151 -30
Staff costs 748 746 0 856 -13 1 494 1 707 -12
Variable staff costs 48 83 -42 62 -23 131 117 12
Other expenses -760 -782 -3 -645 18 -1 542 -1 240 -24
Depreciation/amortisation 94 97 -3 105 -10 191 210 -9
Total expenses 130 144 -10 378 -66 274 794 -65
Profit before impairments 45 490 -91 362 -88 535 357 50
Credit impairments 0 0 -1 0 -1
Operating profit 24 473 -95 297 -92 497 152
Tax expense -218 108 119 -110 131
Profit for the period from continuing operations 242 365 -34 178 36 607 21
Profit for the period 210 414 -49 -52 624 -236
Swedbank AB 210 414 -49 -52 624 -237
Non-controlling interests 0 0 0 0 1
Full-time employees 4 331 4 416 -2 4 668 -7 4 331 4 668 -7
Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings
banks. Expenses mainly relate to Group Products and Group staffs and are allocated to a large extent. The product areas are described in more detail
starting on page 19.
The result for continuing operations amounted to
SEK 607m in the first half-year (21), mainly due to lower
write-offs in Ektornet and lower expenses. The result for
Group Treasury increased to SEK 627m (547) thanks to
a positive one-off tax effect of SEK 252m related to a
change in the method for deducting expenses in the US
operations.
Net interest income increased to SEK 1 532m (838)
compared with the first half-year 2014. This is mainly
due to Group Treasury, where net interest income rose
to SEK 1 565m (904) as a result of falling market
interest rates, which led to lower funding costs, among
other things. During the second quarter Group
Treasury’s net interest income decreased to SEK 717m,
compared with SEK 848m in the first quarter. The
decrease mainly related to a less positive effect from
covered bond repurchases and lower contributions from
the liquidity portfolio due to lower market interest rates.
Net gains and losses on financial items at fair value for
the first half-year decreased to SEK -972m (-241). Net
gains and losses on financial items within Group
Treasury decreased to SEK -986m (-166). The main
reasons for the negative result were the effects of
covered bond repurchases, which are reflected
correspondingly in net interest income over time, as well
as increased credit spreads. During the second quarter
Group Treasury’s result decreased to SEK -600m
(-386), weighed down by the effects of increasing credit
spreads as well as large covered bond repurchases.
Other income decreased year-on-year due to lower
income in Ektornet. Also, one-off income of SEK 82m
was recognised during the first quarter 2014 for a
property sale.
Expenses decreased year-on-year to SEK 274m (794).
Excluding the net of services purchased and sold
internally, expenses fell by 12 per cent to SEK 3 143m
(3 563). Lower expenses were recognised as a result of
efficiency improvements. Ektornet reduced expenses
due to lower operating expenses as its portfolio is sold
off. During the first half-year 2014 one-off expenses of
SEK 136m were recognised in connection with the
move of the head office.
Ektornet’s property values were written down by
SEK 38m (204).
Discontinued operations
The result for discontinued operations amounted to
SEK 17m (-257). During the first half-year 2014
SEK -223m related to the discontinuation of the Russian
operations was reclassified. Swedbank’s net lending in
Russia continued to decrease during the second quarter
and amounted to SEK 0.1bn (0.5).
Group Functions & Other consists of centralised business support units and the product organisation Group Products.
The centralised units serve as strategic and administrative support and comprise Accounting & Finance, Communication,
Risk, IT, Compliance, Public Affairs, HR and Legal. Group Products’ purpose is to improve efficiency in the development
and maintenance of Swedbank’s products. Group Treasury is responsible for the bank’s funding, liquidity and capital
planning. Group Treasury sets the prices on all internal deposit and loan flows in the Group through internal interest rates,
where the most important parameters are maturity, interest fixing period, currency and need for liquidity reserves.

Eliminations
Income statement
SEKm 2015 2015 % 2014 % 2015 2014 %
Net interest income 0 0 0 0 4
Net commission income 20 18 11 21 -5 38 36 6
Net gains and losses on financial items at fair value -2 1 0 -1 0
Other income -50 -43 -16 -69 28 -93 -147 37
Total income -32 -24 -33 -48 -33 -56 -107 48
Staff costs 0 0 0 0 0
Variable staff costs 0 0 0 0 0
Other expenses -32 -24 -33 -48 -33 -56 -107 48
Depreciation/amortisation 0 0 0 0 0
Total expenses -32 -24 -33 -48 -33 -56 -107 48
Group eliminations mainly consist of eliminations of internal transactions between Group Functions
and the other business segments.

Product areas
Responsibility for the product areas rests with Group Products (GP) within Group Functions & Other. GP’s assignment is
to increase efficiency in the development and maintenance of Swedbank’s products and to ensure that the customer
offering is relevant in terms of content, competitive pricing and high quality. This means a priority on harmonising,
improving efficiencies and digitising the processes for every product. The number of products will be reduced to make it
easier for the bank’s customers while also increasing cost efficiencies. The number of funds is being reduced and
efficiencies are being achieved in the mortgage lending process at the same time that digital availability is improved. In
mobile e-commerce new card payment solutions are being introduced to meet increased demand for e-commerce
solutions. The product areas’ results are reported in several legal units and in the three business segments. For more
information, see below and in the three business segment descriptions
Swedbank is a leader in a number of product areas,
including asset management, cards and payments,
mortgage lending and deposits. Demand for digital
banking services is rising. Most customers want more
digital solutions and the increased availability they
provide. Digitisation is therefore an important area for
Swedbank. The number of customers connected to the
bank’s digital channels and their usage continue to
increase.
Trend number of Jan-Jun Jan-Jun
customers, millions 2015 2014 %
Internet Bank 6.8 6.6 3
of which Sweden 3.8 3.6 4
of which Baltic countries 3.0 3.0 1
Mobile Bank 3.1 2.4 28
Mobile Bank ID, Sweden 1.7 1.1 57
Teller transactions in branches 3.3 4.4 -24
of which Sweden 1.6 1.9 -16
of which Baltic countries 1.7 2.5 -31
Lend and finance
Market factors
Mortgage demand remained high, partly because the
persistent housing shortage continued to drive up house
prices, but also as a result of low interest rates. This
increased credit demand within the property sector,
which accounted for the most of the growth in corporate
lending since 2014. To slow the pace of price increases
and the build-up of household debt, amortisation
requirements and revised interest deductions are being
discussed. However, none of these proposals solves the
fundamental problem in the housing market of too little
supply relative to demand.
Higher capital requirements for mortgages and growing
demands for transparency from customers and
authorities are creating new opportunities for Swedish
mortgage lenders. At the same time digitisation makes it
easier for customers to compare offers from different
providers, while also increasing their digitalisation
expectations. The market for consumer credit is a clear
example where simplicity and speed have taken
precedence in recent years and where Swedbank has to
be better at promoting its offerings to customers
whenever they make a purchase.
Operations and market position
Swedbank’s lending operations are concentrated in its
home markets as well as in Norway. Lending products
account for the majority of the assets on the balance
sheet, and lending amounted to SEK 1 358bn as of 30
June (1 325 as of 31 December 2014). The largest
share was lending to households, mainly mortgages to
private customers and tenant owner associations in
Sweden. The market share for mortgages was 25 per
cent as of 31 May (25 per cent as of 31 December
2014). Swedbank is also a major player in corporate
lending in Sweden, with a market share of 19 per cent.
The bank has a strong position in property
management, services and retail as well as in forestry
and agriculture. In Swedish consumer credit Swedbank
has a market share of about 10 per cent, corresponding
to a volume of SEK 25bn.
In the Baltic countries Swedbank is the largest lender,
with market shares of 20-45 per cent. The Baltic
countries account for 9 per cent of Swedbank’s total
lending, about half of which is lending to private
individuals and half is corporate lending. Estonia
accounts for nearly half of the Baltic loan portfolio.
Loans 30 Jun 31 Dec 30 Jun
SEKbn 2015 2014 2014
Loans, private mortgage 715 696 674
of which Sweden 658 639 619
of which Baltic countries 54 54 52
Loans, private other incl tenant owner
associations 137 134 127
Loans, corporate 506 495 465
of which Norway 37 37 33
Total 1 358 1 325 1 266
Lending to private individuals – development
Lending to private individuals amounted to SEK 852bn,
an increase of SEK 22bn during the first half-year, of
which SEK 12bn during the second quarter. The largest
share of the volume consists of Swedish mortgages,
totalling SEK 658bn. Growth in the Swedish mortgage
market remained high, with a growth rate (12 months) of
7.1 per cent as of May 2015. Swedbank’s market share
of net growth was 22 per cent for the first five months of
the year. Margins increased somewhat during the
quarter. The mortgage portfolio in the Baltic countries
increased by 1 per cent in local currency.
Since 1 June Swedish banks report the average rates
their mortgage customers actually pay as a complement
to the previous model with list prices. This information
between the various banks is not fully comparable,
since their geographical distribution and customer mix
differ, which affects the price customers pay. In the first
months of reporting no lender has stood out in terms of
average prices. It is still too early to say what impact this
will have on the mortgage market. As support for
individual pricing of mortgages Swedbank uses a model
that suggests a price based, among other things, on
each customer’s loan-to-value and debt-to-income ratios
and amortisation. The pricing model will contribute to
greater transparency and understanding of the factors
that affect pricing for each customer.

During the second quarter Swedbank tightened its
mortgage requirements in Sweden to ensure that
customers can handle an economic slowdown. The
requirements include, among other things, the size of
the loan in relation to income and the interest rate
borrowers have to be able to manage in the bank’s “left-
to-live-on” calculation being raised to at least 7 per cent.
Swedbank also recommends that customers amortise
down to a 50 per cent loan-to-value ratio. During the
second quarter 94 per cent of new mortgages in
Sweden with a loan-to-value ratio over 70 per cent were
being amortised, as were 53 per cent of those with a
loan-to-value ratio between 50 and 70 per cent.
Amortisations in the Swedish mortgage portfolio
amounted to about SEK 10.7bn in the last 12-month
period.
The process of converting loans from Sparbanken
Öresund to Swedbank is continuing. A large share of
customers from Sparbanken Öresund have obtained
their mortgages from another lender based on a
previous broker contract. Activities are now under way
for these customers to switch to Swedbank.
After previously declining, Swedbank’s consumer credit
volume in Sweden levelled off in late 2014 and has
since rebounded slightly. A review is underway of
product terms and processes in order to provide a
faster, more efficient offering. The Baltic consumer
credit portfolio grew by 2 per cent in local currency
during the first half-year at the same time that margins
improved.
Corporate lending – development
Corporate lending amounted to SEK 506bn, an increase
of SEK 11bn during the first half-year, of which SEK 4bn
was in the second quarter. Market growth in Sweden
was somewhat lower than in the first quarter 2015 at
about 2 per cent on an annualised basis. Swedbank’s
share of new corporate lending was somewhat higher
than its underlying market share of 18.9 per cent.
Corporate lending in the Baltic countries grew by 4 per
cent in local currency during the first half-year to
SEK 62bn. The lending portfolio grew by 7 per cent in
Lithuania, 3 per cent in Estonia and 1 per cent in Latvia.
The negative repo rate affects a number of corporate
loan products and meant that loans tied to Stibor
periodically had a negative reference rate (base rate),
during the first quarter. During the second quarter
interest rate floors were introduced on new corporate
loans, due to which the reference rate (Stibor) is not
allowed to drop below 0.
Save and invest
Market factors
The savings market is undergoing change. A
demographic structure with an ageing population,
coupled with greater individual responsibility for
pensions and other long-term savings, is creating higher
demand for savings and investment products and a
great need for advice. Increasing digitisation and
changing regulations have contributed to transparency
and competition as well as more standardised products,
leading to price pressure. Upcoming regulations in
Sweden that would prohibit commissions are one
example and would mean that commissions can no
longer be paid to distributors that sell products on an
advisory basis. The regulations are expected to be
introduced in 2017. Another trend is that customers are
more willing to switch savings providers now that
transfers are much easier and that they are now
reacting faster to changes in the market than previously.
Swedbank is positive to the debate on freer transfers of
pension savings and is not averse to increased
regulation to create an efficient transfer market with
greater transparency for customers. A higher share of
new savings is being placed in pension products and
passively managed funds with lower margins. At the
same time deposit margins are under pressure from low
interest rates and the prices of other investments such
as equities, fixed income funds and index-linked bonds.
Swedbank is addressing margin pressure mainly
through efficiencies and cost savings.
Swedbank is the leader in deposits in its home markets.
Its market share in Sweden was 20.9 per cent for
private deposits and 17.5 per cent for corporate
deposits. The market shares in the Baltic countries for
private deposits ranged between 27 and 54 per cent
and for corporate deposits between 11 and 36 per cent.
The shares were highest in Estonia.
Asset management is provided through Swedbank
Robur in Swedbank’s four home markets as well as in
Norway. In Sweden Swedbank Robur is the largest
player with a market share of 22.2 per cent based on
fund assets under management.
Swedbank is the sixth largest life insurance company in
Sweden, with a market share of about 6 per cent in
terms of premium payments. In the Baltic countries
Swedbank is the largest life insurance company in
Estonia, with increasing market share in 2015, and the
second largest in Lithuania. As of 31 May, their market
shares were 40 and 22 per cent respectively. The
market share in Latvia is just over 20 per cent. The
market shares for Baltic non-life insurance operations
based on total premium income ranged between 2 and
15 per cent, with the largest share in Estonia. In
homeowner’s and vehicle insurance in Estonia, the
market shares were 29 per cent and 20 per cent,
respectively. Non-life insurance in Sweden is offered
through the insurance company Tre Kronor.
Deposits – development
Deposits 30 Jun 31 Dec 30 Jun
SEKbn 2015 2014 2014
Deposits, private 385 372 357
Deposits, corporate 406 289 312
of which other countries 123 16 52
Total 791 661 669
The increase in deposits was mainly due to higher
deposits in Group Treasury for US money market funds.
In Swedish Banking volumes increased by SEK 16bn, of
which SEK 13bn from private customers, with tax
refunds contributing positively in the second quarter. In
LC&I volumes were stable. In Baltic Banking deposits in
local currency increased by 2 per cent. Deposits
increased in Estonia, but fell somewhat in Latvia and
Lithuania. Market shares in Sweden dropped somewhat
as of 31 May to 20.9 per cent (21.1) for household
deposits and 17.5 per cent (18.7) for corporate deposits.
Sweden accounts for 65 per cent of Swedbank’s total
deposit volume.

The product range in deposits is being simplified by
reducing the number of savings account options.
Preparations to convert volumes from Sparbanken
Öresund are being made as well.
Asset management – development
Fund assets under management amounted to
SEK 760bn (786), of which SEK 729bn is attributable to
the Swedish operations. Discretionary assets under
management amounted to SEK 350bn (360).
Robur had a net outflow of SEK 4bn in the Swedish fund
market in the first half-year, of which the second quarter
had a net outflow of SEK 6bn. The trend from the first
quarter with outflows from fixed income funds and
inflows to mixed funds continued. Equity funds also saw
large outflows. The net outflow from Swedbank Robur’s
equity funds was SEK 11bn during the first half-year, of
which SEK 10bn was in the second quarter.
Net inflow Swedish Q2
Of which
Robur Total
Of which
Robur
fund market, SEKbn 2015 Q2 2015 Q1 2015 Q1 2015
Fixed income funds 13 -2 -2 -4
Mixed funds 20 6 33 6
Equity funds -29 -10 6 -1
of which index funds 0 -1 9 1
Other funds 6 0 4 0
Total net sales 10 -6 41 2
Swedbank Robur’s market share of the net flow in the
second quarter was negative (4). Swedbank is also a
distributor of other funds, and its share of total net sales
in the Swedish fund market was 0.1 per cent (22 per
cent for 2014). Lower total sales are also due to lower
sales of external funds.
To strengthen the fund offering and increase sales,
management fees have been reduced on 23 actively
managed funds in 2015. Measures to simplify and
develop the offering, reduce the number of funds and
improve management performance are continuing.
Changes were made earlier in the management process
to streamline the selection of companies that the funds
invest in and add a larger share of global investments. A
new policy for responsible investing adopted during the
quarter will gradually be implemented by the funds this
autumn. The main goal is to influence companies in a
sustainable direction, but also to eliminate companies
that do not meet Swedbank Robur’s sustainability
criteria. Special funds are available for customers who
prioritise sustainability in their investment decisions.
During the first half-year returns have improved with
more funds outperforming their indices.
Asset management Jan-Jun Jan-Jun
Key ratios, SEKbn 2015 2014 %
Total income, SEKm 2 260 2 206 2
Assets under management 760 666 14
of which Norway 4 3 26
Discretionary asset management 350 297 18
Asset management income increased by 5 per cent
during the first half-year compared with the same period
in 2014. Price cuts implemented during the year have
put pressure on income, while bullish market conditions
led to an increase in average assets under management
of 23 per cent. Compared with the previous quarter
income rose by 3 per cent. The increase was mainly
due to higher assets under management as well as an
extra day during the quarter.
Insurance – development
Premium payments Jan-Jun Jan-Jun
SEKm 2015 2014 %
Sweden 9 973 8 892 12
of which collective occupational
pensions 2 906 3 066 -5
of which endowment insurance 5 288 4 028 31
of which occupational pensions 1 073 1 086 -1
of which risk insurance 410 380 8
of which other 295 333 -11
Baltic countries 705 590 19
of which life insurance 443 369 20
of which non-life insurance 263 221 19
During the first half-year life insurance premium
payments in Sweden rose by 12 per cent year-on-year.
Within savings products the improvement relates to
corporate endowment insurance, where new policies
contributed positively, as did higher volumes from
existing contracts. Contractual and occupational
pensions decreased. In contractual pensions the
decrease mainly relates to the SAF-LO collective
agreement, where expiring contracts were not renewed
after Swedbank decided to no longer offer traditional
management products. At the same time capital
transferred from other insurers more than doubled for
contractual pensions, though it decreased by 17 per
cent for occupational pensions. This explains the lower
premium volume in occupational pensions compared
with the same period in 2014. Sales of life and health
insurance increased.
Premium payments in the Baltic life insurance business
rose by 15 per cent in local currency year-on-year, with
the biggest gain in risk products such as life insurance.
The increase is due to a higher number of contract
renewals in the previous year and a further increase in
new policies in the first half-year 2015. Customer
demand for life insurance products and self-service
options through digital channels is on the rise. Thanks to
Swedbank’s internet-based solution for electronic
identification, which allows customers to obtain and
revise insurance policies and file claims online, around
30 per cent (0) of claims and 42 per cent (36) of all
insurance transactions are now being handled online.
The positive trend for premium payments in Baltic non-
life insurance continued as well. In total, premiums
increased by 14 per cent in local currency. The increase
related to all products, but especially homeowner’s
insurance, where advertising and active sales by bank
branches led to higher volumes. Gradually increasing
online sales contributed to higher premium payments
primarily for travel and vehicle insurance.
Assets under management 30 Jun 31 Dec 30 Jun
SEKbn 2015 2014 2014
Sweden 148 136 129
of which collective occupational
pensions 64 58 54
of which endowment insurance 58 54 53
of which occupational pensions 16 15 14
of which other 9 9 9

Assets under management in the Swedish insurance
operations decreased by SEK 3bn during the second
quarter to SEK 148bn due to lower equity prices. At the
same time assets under management rose by 15 per
cent year-on-year due to earlier stock market gains,
combined with a net inflow. Assets under management
in the Baltic life insurance business rose by 12 per cent
in local currency, mainly owing to a positive net inflow.
Insurance related income Jan-Jun Jan-Jun
SEKm 2015 2014 %
Sweden 724 717 1
Total insurance related income 996 920 8
Swedbank’s total insurance related income rose by
8 per cent year-on-year. Income from the Swedish life
insurance business rose by 1 per cent. Increased assets
under management led to a higher result for savings
products, while the risk result rose due to increased
volumes and fewer claims in the group life business.
Lower market interest rates had a negative effect on the
result. Income from Baltic life insurance rose by 57 per
cent in local currency compared with the same period in
2014.
The increase is mainly due to changes in the
assumptions for calculating provisions for guaranteed
return products in traditional life. Income from the Baltic
non-life business increased mainly due to rising
premium volumes, while a lower return on equity due to
lower interest rates as well as increased claims
adversely affected income. The claims ratio for the
period rose to 56.1 per cent (52.9), which is still low
compared with the competition.
Pay
Market factors
The payment and card areas in the bank’s home
markets and internationally are undergoing major
change in terms of regulations and customer
preferences. Retail sales are shifting from brick-and-
mortar and traditional e-commerce to mobile solutions.
The differences between physical payments and online
and mobile payments are being erased as more
payments are made by mobile device, regardless of the
sales channel. This trend is reinforced by the growth of
mobile identification (Mobile Bank ID) in Sweden. The
number of customers with Bank ID has risen from
1.1 million to 1.7 million in the last 12 months, while the
number of transactions has increased by 139 per cent to
41 million per month. The changing landscape will place
tougher demands on payment providers, which will have
to make their services available in every retail sales
channel. At the same time customers want easy and
convenient ways to pay. Structurally there is also price
pressure in cards and payments, which has been offset
to date by volume growth. Taken together, this places
demands on Swedbank’s cash management business
as well, which is offering new payment solutions and
consolidated reporting for online retailers, at the same
time that it poses challenges in the form of increased
competition mainly from payment institutions that
specialise in retail services.
In Sweden about 80 per cent of all store payments are
made by card, an increase of about 2 percentage points
in 2015. In Estonia the corresponding figure is 50 per
cent and in Latvia and Lithuania it is lower but steadily
rising. Market growth in Sweden and Estonia is
expected to remain good, with annual growth of about
9 per cent. In Latvia and Lithuania, where cash use is
higher, future growth is estimated at between 20 and
30 per cent annually. In the retail trade the growth rate
in e-commerce greatly surpasses that of brick-and-
mortar stores. Swedbank is well-equipped to meet the
demand from e-commerce providers in terms of
infrastructure, economies of scale and consumer
protection.
Swedbank is a leader in payment and cash
management products in its four home markets. In
Sweden it has a market share of 34 per cent for bank
giro payments. In the Baltic countries its market shares
for domestic payments range between 42 and 59 per
cent and for international payments between 23 and
35 per cent, with the highest share in Estonia. In
Sweden there has been a significant increase in Swish
users. The number of payments is increasing every
month and the total number of users among the banks
now tops 3 million private individuals. On average more
than two Swish payments are made per user and
month.
Swedbank issues cards to the public (card issuance)
and acquires card payments from merchants via card
terminals and online payments (card acquiring) in all its
home markets as well as in Norway, Denmark, Finland
and Poland. Online payments are acquired in a number
of other EU countries. Swedbank is Europe’s fifth
largest acquirer based on the number of acquired card
purchases. Market shares in the bank’s home markets
range between 33 and 64 per cent. Based on number of
transactions Swedbank is the 11th largest card issuer in
Europe, with market shares of between 45 and 60 per
cent.
Payments – development
Payments Jan-Jun Jan-Jun
Number 2015 2014 %
International payments (million) 5.1 5.1 0
Domestic payments (million) 1)
452.6 442.1 2
E-services payments (million) 2)
33.2 21.7 53
Other Digital solutions (million)3)
288.7 137.8
of which Sweden 279.6 130.6
1)
Domestic payments include salary payments, giro payments, direct
debit payments, internet payments.
2)
E-payments include direct debit payments, Swish, Top-up
3)
Other digital solutions include e-invoices, ID transactions through E-ID
and BankID
The payment business continued to steadily improve
during the first half-year. Growth in payments is a
combination of economic growth and a shift by
consumers from cash to cards and e-payments. The
increase in e-payments was also the result of more
companies offering online and mobile solutions and the
increasing usage of mobile solutions.

In May the EU adopted the Payment Services Directive
(PSD2) to increase competition, especially in e-
commerce payment services. Among other things, the
directive paves the way for new companies, which have
the right to link their payment services directly to
customers’ bank accounts. This will affect the business
model for payment services and place new demands on
banks’ infrastructures. The directive is scheduled to take
effect in every EU country in September 2017.
Payments Jan-Jun Jan-Jun
Net commission income, SEKm 2015 2014 %
Net commission income 418 491 -15
of which Nordic countries 190 206 -7
of which Baltic countries 227 286 -20
Net payment commissions decreased by 15 per cent
year-on-year. In the Nordic region income decreased
somewhat, mainly due to lower income from domestic
payments. In the Baltic countries income decreased in
Lithuania due to the euro adoption as well as a one-off
effect of SEK 35m during the first half-year 2014. In
Estonia and Latvia income was stable.
Cards – development
Jan-Jun Jan-Jun
Key ratios, cards 2015 2014 %
Acquired transactions, million 1 069 935 14
of which Nordic countries 919 793 16
Acquired volumes, SEKbn 261 227 15
Issued cards, millon 7.6 7.8 -2
of which Nordic countries 3.9 3.9 0
of which Baltic countries 3.7 3.9 -5
Number of card purchases, million 694 634 9
Increased card usage is the main reason for transaction
growth in the Nordic and Baltic regions, along with
declining cash withdrawals. During the first half-year the
value of payments with Swedbank cards in Sweden
rose by 8 per cent at the same time that ATM
withdrawals were down 6 per cent. The trend was
similar in Estonia. In Lithuania, where Swedbank is
encouraging card payments, they increased by 23 per
cent. In Latvia the increase was 16 per cent.
The card issuance business saw growth of 11 per cent
in corporate cards in Sweden compared with the first
half-year 2014, with increases in both transaction
volume and number of cards. The bank’s many small
corporate customers offer good potential to increase this
business. The number of cards issued to private
customers increased by 2 per cent in Sweden and
decreased slightly in the Baltic countries. E-payments
with Swedbank’s debit cards in Sweden increased by
16 per cent during the first half-year, compared with a
gain of 8 per cent for brick-and-mortar purchases.
The EU’s payment regulation, which entered into force
in June, requires capital expenditure on the part of both
merchants and banks, but will not fully take effect until
2016. The aim of regulators is to strengthen the position
of consumers by increasing competition and speeding
up the transition from cash to electronic payments. The
regulation generally reduces what the acquirer pays to
the card issuer and increases price competition in the
acquiring business. In Sweden the interchange fee that
the acquirer pays the issuer is expected to drop from
about 0.9 per cent to 0.3 per cent of the credit card
transaction value. The effect is expected to be minor for
debit cards. The regulation initially means a slight
increase in income, since Swedbank is a net acquirer
and the compensation it pays to card issuers is lower.
Although price pressure in the acquiring business may
increase over time, the exact financial impact of the new
regulation is difficult to assess.
Interchange fees in the Baltic countries are expected to
be halved on both debit and credit cards, which will put
income pressure on card issuers. Swedbank is therefore
reassessing its pricing in the card area. The bank is also
a net acquirer in the Baltic countries, which it benefits
from.
The regulation is creating consolidation pressure among
small companies in the EU. For example, a couple of
Nordic acquiring businesses have been acquired in the
last year. At the same time competition is increasing
from other EU countries, which has given Swedbank the
opportunity to expand its business. One example is the
card acquiring agreement signed with Finland’s largest
retailer, the cooperative organisation SOK, which
represents 25 per cent of all card purchases in Finland.
The agreement is expected to increase the total number
of transactions Swedbank acquires by 15 per cent when
all of SOK’s operations are transferred to Swedbank in
2016. The bank’s pricing models and product range are
being reassessed to compensate for the regulation’s
effects and to capitalise on new business opportunities.
Card related income Jan-Jun Jan-Jun
SEKm 2015 2014 %
Total income, SEKm 1 648 1 746 -6
of which Entercard1)
333 510 -35
1)
Swedbank's share of the profit or loss of Entercard.
Total card income decreased by 6 per cent compared
with the first half-year 2014 due to one-off income of
SEK 230m in Entercard in 2014. The card business
grew by 4 per cent in the Nordic region and by 11 per
cent in the Baltic countries. Income in Sweden rose
somewhat less than the transaction volume due to price
pressure in the acquiring business. The higher income
in the Baltic countries is due to the issuance of more
debit and credit cards and increased usage. Card
acquiring income rose somewhat owing to increased
card usage in all four home markets and as a result of
new business internationally and in the Nordic region. At
the same time earnings were squeezed by continued
margin pressure and higher interchange fees. An
increased number of credit card purchases, with higher
fees to Visa and MasterCard, also put some pressure
on earnings.

Financial information - contents
Group Page
Key ratios 26
Notes
Note 1 Accounting policies 30
Note 2 Critical accounting estimates 30
Note 3 Changes in the Group structure 30
Note 4 Operating segments (business areas) 31
Note 5 Net interest income 33
Note 6 Net commission income 34
Note 7 Net gains and losses on financial items at fair value 35
Note 8 Other expenses 36
Note 9 Credit impairments 36
Note 10 Loans 37
Note 11 Impaired loans etc. 38
Note 12 Assets taken over for protection of claims and cancelled leases 38
Note 13 Credit exposures 38
Note 14 Intangible assets 39
Note 15 Amounts owed to credit institutions 39
Note 16 Deposits and borrowings from the public 40
Note 17 Debt securities in issue 40
Note 18 Derivatives 41
Note 19 Financial instruments carried at fair value 41
Note 20 Pledged collateral 44
Note 21 Offsetting financial assets and liabilities 44
Note 22 Capital adequacy consolidated situation 45
Note 23 Internal capital requirement 48
Note 24 Risks and uncertainties 48
Note 25 Business combinations 49
Note 26 Discontinued operations 50
Note 27 Related-party transactions 51
Note 28 Swedbank’s share 51
Parent company
Capital adequacy 55
More detailed information can be found in Swedbank’s fact book, www.swedbank.com/ir, under Financial information and
publications.

Income statement, condensed
Group Q2 Q1 Q2 Jan-Jun Jan-Jun
SEKm 2015 2015 % 2014 % 2015 2014 %
Interest income 8 819 9 416 -6 10 461 -16 18 235 21 000 -13
Interest expenses -3 115 -3 697 -16 -4 940 -37 -6 812 -9 996 -32
Net interest income (note 5) 5 704 5 719 0 5 521 3 11 423 11 004 4
Commission income 4 240 4 034 5 4 060 4 8 274 7 934 4
Commission expenses -1 398 -1 290 8 -1 247 12 -2 688 -2 428 11
Net commission income (note 6) 2 842 2 744 4 2 813 1 5 586 5 506 1
Net gains and losses on financial items at fair value (note 7) 82 320 -74 773 -89 402 1 118 -64
Insurance premiums 504 527 -4 471 7 1 031 964 7
Insurance provisions -337 -342 -1 -337 0 -679 -680 0
Net insurance 167 185 -10 134 25 352 284 24
Share of profit or loss of associates 228 279 -18 410 -44 507 666 -24
Other income 292 371 -21 804 -64 663 1 197 -45
Total income 9 315 9 618 -3 10 455 -11 18 933 19 775 -4
Staff costs 2 375 2 472 -4 2 901 -18 4 847 5 338 -9
Other expenses (note 8) 1 500 1 517 -1 1 846 -19 3 017 3 456 -13
Depreciation/amortisation 172 179 -4 172 0 351 351 0
Total expenses 4 047 4 168 -3 4 919 -18 8 215 9 145 -10
Profit before impairments 5 268 5 450 -3 5 536 -5 10 718 10 630 1
Impairment of intangible assets (note 14) 0 0 1 0 1
Credit impairments (note 9) 6 59 -90 30 -80 65 -70
Operating profit 5 240 5 376 -3 5 436 -4 10 616 10 495 1
Tax expense 1 538 1 101 40 1 063 45 2 639 2 137 23
Profit for the period from continuing operations 3 702 4 275 -13 4 373 -15 7 977 8 358 -5
Profit for the period 3 670 4 324 -15 4 143 -11 7 994 8 101 -1
Profit for the period attributable to the
shareholders of Swedbank AB 3 666 4 320 -15 4 139 -11 7 986 8 092 -1
of which profit for the period from continuing operations 3 698 4 271 -13 4 369 -15 7 969 8 349 -5
of which profit for the period from discontinued operations -32 49 -230 -86 17 -257
Non-controlling interests 4 4 0 4 0 8 9 -11
of which profit for the period from continuing operations 4 4 0 4 0 8 9 -11
of which profit for the period from discontinued operations 0 0 0 0 0
SEK
Earnings per share, continuing operations, SEK 3.34 3.87 3.96 7.21 7.58
after dilution 3.32 3.84 3.94 7.16 7.53
Earnings per share, discontinued operations, SEK -0.02 0.04 -0.21 0.02 -0.23
after dilution -0.02 0.04 -0.21 0.02 -0.23
Earnings per share, total operations, SEK 3.32 3.91 3.75 7.23 7.35
after dilution 3.30 3.88 3.73 7.18 7.30

Statement of comprehensive income, condensed
SEKm 2015 2015 % 2014 % 2015 2014 %
Profit for the period reported via income statement 3 670 4 324 -15 4 143 -11 7 994 8 101 -1
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans 4 192 -2 450 337 1 742 116
Share related to associates 122 -73 -6 49 -13
Income tax -949 555 -72 -394 -22
Total 3 365 -1 968 259 1 397 81
Items that may be reclassified to the income statement
Exchange differences, foreign operations
Gains/losses arising during the period -257 -1 070 -76 1 065 -1 327 1 222
Reclassification adjustments to income statement,
profit for the period from discontinued operation 0 0 508 0 508
Hedging of net investments in foreign operations: 0 0 0 0 0
Gains/losses arising during the period 242 839 -71 -853 1 081 -1 001
Reclassification adjustments to income statement, profit for the
period from discontinued operations 0 0 -365 0 -365
Cash flow hedges: 0 0 0 0 0
Gains/losses arising during the period 36 112 -68 3 148 -76
net interest income -3 3 4 0 9
Share of other comprehensive income of associates -24 24 1 0 29
Income tax
Income tax -64 -208 -69 179 -272 234
Reclassification adjustments to income statement, tax 1 -1 -1 0 0 -2
Reclassification adjustments to income statement, profit for the
period from discontinued operations 0 0 80 0 0 80
Total -69 -301 -77 621 -370 638
Other comprehensive income for the period, net of tax 3 296 -2 269 880 1 027 719 43
Total comprehensive income for the period 6 966 2 055 5 023 39 9 021 8 820 2
Total comprehensive income attributable to the
shareholders of Swedbank AB 6 962 2 050 5 019 39 9 012 8 811 2
Non-controlling interests 4 5 -20 4 0 9 9 0
In the first six months 2015 income of SEK 1 397m (81) was recognised in other comprehensive income after tax,
including remeasurements of defined benefit pension plans in associates. The 2015 income arose primarily because
market interest rates rose from the beginning of the year. During the period as a whole interest rates were volatile and
reached very low levels soon after the first quarter ended. As of 30 June, however, the discount rate, which is used to
calculate the closing pension obligation, was raised to 3.00% from 2.29%. The market’s future inflation expectations also
rose and the inflation assumption was raised to 1.62% from 1.28%. The changes in both of these assumptions were the
main reason why the defined benefit pension obligation decreased.
For 2015 an exchange difference of SEK -1 327m (1 222) was recognised for the Group's foreign net investments in
subsidiaries. In addition, an exchange rate difference of SEK -1m for the Group's foreign net investments in associates is
included in Share related to associates. The losses related to subsidiaries mainly arose because the Swedish krona
appreciated against the euro. The total loss of SEK 1 328m is not taxable. The large part of the Group's foreign net assets
is hedged against currency risk, a gain of SEK 1 081m (-1 001) before tax arose related to the hedging instruments.
The revaluation of defined benefit pension plans and translation of net investments in foreign operations can be volatile in
certain periods due to movements in the discount rate, inflation and exchange rates.
Key ratios
2015 2015 2014 2015 2014
Equity per share, SEK 103.08 96.75 97.65 103.08 97.65
Return on equity, continuing operations, % 13.5 14.8 16.6 14.0 15.5
Return on equity, total operations, % 13.4 14.9 15.8 14.1 15.1

Balance sheet, condensed
Group 30 Jun 31 Dec ∆ 30 Jun
SEKm 2015 2014 SEKm % 2014 %
Assets
Cash and balance with central banks 237 956 113 768 124 188 158 671 50
Loans to credit institutions (note 10) 102 613 113 820 -11 207 -10 97 869 5
Loans to the public (note 10) 1 426 815 1 404 507 22 308 2 1 322 785 8
Value change of interest hedged item in portfolio hedge 1 194 1 291 -97 -8 788 52
Interest-bearing securities 210 604 170 680 39 924 23 199 288 6
Financial assets for which customers bear the investment risk 155 387 143 319 12 068 8 134 553 15
Shares and participating interests 10 365 9 931 434 4 9 993 4
Investments in associates 5 234 4 924 310 6 4 853 8
Derivatives (note 18) 95 640 123 202 -27 562 -22 75 794 26
Intangible fixed assets (note 14) 13 986 14 319 -333 -2 13 966 0
Investment properties 70 97 -27 -28 388 -82
Tangible assets 2 199 2 653 -454 -17 3 102 -29
Current tax assets 1 444 1 304 140 11 1 068 35
Deferred tax assets 184 638 -454 -71 681 -73
Other assets 28 688 10 103 18 585 19 999 43
Prepaid expenses and accrued income 6 613 6 126 487 8 6 694 -1
Group of assets classified as held for sale (note 26) 207 615 -408 -66 1 251 -83
Total assets 2 299 199 2 121 297 177 902 8 2 051 743 12
Liabilities and equity
Amounts owed to credit institutions (note 15) 148 685 171 453 -22 768 -13 149 863 -1
Deposits and borrowings from the public (note 16) 816 255 676 679 139 576 21 697 168 17
Debt securities in issue (note 17) 846 428 835 012 11 416 1 800 419 6
Financial liabilities for which customers bear the investment risk 158 872 146 177 12 695 9 136 843 16
Derivatives (note 18) 75 903 85 694 -9 791 -11 57 129 33
Current tax liabilities 570 1 477 -907 -61 641 -11
Deferred tax liabilities 2 299 1 684 615 37 2 288 0
Short positions, securities 33 716 27 058 6 658 25 30 405 11
Other liabilities 60 219 20 768 39 451 31 205 93
Accrued expenses and prepaid income 13 719 13 071 648 5 13 856 -1
Provisions 3 569 5 855 -2 286 -39 5 615 -36
Subordinated liabilities 24 829 18 957 5 872 31 18 377 35
Liabilities directly associated with group of assets classified
as held for sale (note 26) 12 39 -27 -69 134 -91
Equity 114 123 117 373 -3 250 -3 107 800 6
of which non-controlling interests 174 170 4 2 169 3
of which attributable to shareholders of Swedbank AB 113 949 117 203 -3 254 -3 107 631 6
Total liabilities and equity 2 299 199 2 121 297 177 902 8 2 051 743 12
Balance sheet analysis
Total assets increased by SEK 178bn from 1 January 2015. Assets increased mainly due to higher cash and balances
with central banks, which rose by SEK 124bn. The increase is mainly attributable to higher deposits with the US Federal
Reserve after deposits from US money market funds rose by SEK 109bn. This also increased deposits and borrowings
from the public, which rose by a total of SEK 140bn. Debt securities in issue increased by SEK 11bn. The increase was
because Swedbank issued large volumes of long-term funding to capitalise on favourable market conditions, pre-finance
upcoming maturities and to match increased lending volumes to the public. Interest-bearing securities increased by
SEK 40bn mainly due to increased liquidity reserves within Group Treasury. Lending to credit institutions decreased by
SEK 11bn at the same time that amounts owed to them decreased by SEK 23bn. Balance sheet items related to credit
institutions fluctuate over time depending on repos, among other things. The market value of derivatives decreased on
both the asset and liability side, mainly due to large movements in interest rates and currencies. The increase in financial
assets and liabilities for which customers bear the investment risk was mainly due to rising equity prices. Excluding the
National Debt Office and repos, lending volumes increased by SEK 30bn during the first half-year and related to
mortgages and corporate lending in Sweden. The increase in other assets and liabilities was mainly due to higher security
settlement claims and liabilities compared with the beginning of the year. The increase in subordinated liabilities was due
to an issuance of USD 750m in Additional Tier 1 capital to optimise the capital structure in accordance with the new
European capital requirements. The change in equity was a net of the dividend of SEK 12.5bn regarding 2014 and profit
for the year.

Statement of changes in equity, condensed
Group Non-controlling Total
SEKm interests equity
Share
capital
Other
contri-
buted
equity1)
Exchange
differences,
subsidiaries
and associates
Hedging of net
investments in
foreign
operations
Cash
flow
hedges
Retained
earnings Total
January-June 2014
Opening balance 1 January 2014 24 904 17 275 -833 293 -139 68 040 109 540 165 109 705
Dividends 0 0 0 0 0 -11 133 -11 133 -5 -11 138
Share based payments to employees 0 0 0 0 0 233 233 0 233
Deferred tax related to share based payments to
employees 0 0 0 0 0 14 14 0 14
Associates' disposal of shares in Swedbank AB 0 0 0 0 0 166 166 0 166
Total comprehensive income for the period 0 0 1 758 -1 068 -52 8 173 8 811 9 8 820
of which reported through profit or loss 0 0 0 0 0 8 092 8 092 9 8 101
of which reported through other comprehensive
income 0 0 1 758 -1 068 -52 81 719 0 719
Closing balance 30 June 2014 24 904 17 275 925 -775 -191 65 493 107 631 169 107 800
January-December 2014
Opening balance 1 January 2014 24 904 17 275 -833 293 -139 68 040 109 540 165 109 705
Dividends 0 0 0 0 0 -11 133 -11 133 -9 -11 142
employees 0 0 0 0 0 16 16 0 16
Current tax related to share based payments 0 0 0 0 0 50 50 0 50
Repurchase of own shares for trading purposes 0 0 0 0 0 -32 -32 0 -32
Associates' disposal of shares in Swedbank AB 0 0 0 0 0 166 166 0 166
Total comprehensive income for the period 0 0 3 397 -2 094 34 16 800 18 137 14 18 151
income 0 0 3 397 -2 094 34 353 1 690 -2 1 688
Closing balance 31 December 2014 24 904 17 275 2 564 -1 801 -105 74 366 117 203 170 117 373
January-June 2015
Opening balance 1 January 2015 24 904 17 275 2 564 -1 801 -105 74 366 117 203 170 117 373
Dividends 0 0 0 0 0 -12 539 -12 539 -5 -12 544
employees 0 0 0 0 0 -42 -42 0 -42
Current tax related to share based payments to
employees 0 0 0 0 0 63 63 0 63
Disposal of own shares for trading purposes 0 0 0 0 0 33 33 0 33
Acquired non-controlling interest 0 0 0 0 0 -8 -8 0 -8
Total comprehensive income for the period 0 0 -1 328 841 116 9 383 9 012 9 9 021
income 0 0 -1 328 841 116 1 397 1 026 1 1 027
Closing balance 30 June 2015 24 904 17 275 1 236 -960 11 71 483 113 949 174 114 123
Shareholders'
equity
1)
Other contributed equity consists mainly of share premiums.

Cash flow statement, condensed
Group Jan-Jun Full-year Jan-Jun
SEKm 2015 2013 2014
Operating activities
Operating profit 10 616 21 026 10 495
Profit for the period from discontinued operations 17 -262 -257
Adjustments for non-cash items in operating activities -379 -555 -591
Taxes paid -2 707 -5 494 -3 723
Increase/decrease in loans to credit institutions 10 968 -26 662 -10 831
Increase/decrease in loans to the public -27 201 -115 813 -37 278
Increase/decrease in holdings of securities for trading -41 680 12 925 -16 666
Increase/decrease in deposits and borrowings from the public including retail bonds 143 373 34 957 60 123
Increase/decrease in amounts owed to credit institutions -21 588 45 468 25 461
Increase/decrease in other assets 11 888 -41 353 -15 445
Increase/decrease in other liabilities 22 986 84 693 36 536
Cash flow from operating activities 106 293 8 930 47 824
Investing activities
Business combinations 0 -2 918 -2 918
Business disposals 245 -590 -744
Acquisitions of and contributions to associates -10 -814 -814
Acquisitions of other fixed assets and strategic financial assets -211 -1 111 -805
Disposals/maturity of other fixed assets and strategic financial assets 526 362 505
Cash flow from investing activities 550 -5 071 -4 776
Financing activities
Issuance of interest-bearing securities 133 237 114 936 68 812
Redemption of interest-bearing securities -70 551 -139 976 -91 021
Issuance of commercial paper etc. 396 982 730 879 325 725
Redemption of commercial paper etc. -428 764 -646 040 -236 809
Dividends paid -12 545 -11 138 -11 138
Cash flow from financing activities 18 359 48 661 55 569
Cash flow for the period 125 202 52 520 98 617
Cash and cash equivalents at the beginning of the period 113 768 59 382 59 382
Exchange rate differences on cash and cash equivalents -1 014 1 866 672
Cash and cash equivalents at end of the period 237 956 113 768 158 671
During the first half-year 2014 Sparbanken Öresund AB was acquired for SEK 2 938m. Acquired cash and cash
equivalents amounted to SEK 20m. In connection with the acquisition a number of bank branches were sold to
Sparbanken Skåne AB. The proceeds, together with payment of the net debt assumed by the acquirer, amounted to a
cash disbursement of SEK 913m.

Note 1 Accounting policies
The interim report has been prepared in accordance
with IAS 34, Interim Financial Reporting. The
condensed consolidated financial statements have also
been prepared in accordance with the
recommendations and statements of the Financial
Reporting Council, the Annual Accounts Act for Credit
Institutions and Securities Companies and the directives
of the SFSA.
The Parent Company report has been prepared in
accordance with the Annual Accounts Act for Credit
Institutions and Securities Companies, the directives of
the SFSA and recommendation RFR 2 of the Financial
Reporting Council.
The accounting policies applied in the interim report
conform to those applied in the Annual Report for 2014,
which was prepared in accordance with International
Financial Reporting Standards as adopted by the
European Union and interpretations thereof. There have
been no significant changes to the Group’s Accounting
policies set out in the 2014 Annual Report, except for
the adoption of new standards as set out below.
Other IFRS changes
Other new or amended standards or interpretations
which have been adopted have not had a significant
effect on the financial position, results or disclosures of
the Group or the parent company. For more information,
refer to page 72 of the 2014 Annual Report.
Note 2 Critical accounting estimates
Presentation of consolidated financial statements in
conformity with IFRS requires the executive
management to make judgments and estimates that
affect the recognised amounts for assets, liabilities and
disclosures of contingent assets and liabilities as of the
closing day as well as the recognised income and
expenses during the report period. The executive
management continuously evaluates these judgments
and estimates, including assessing control over
investment funds, the fair value of financial instruments,
provisions for credit impairments, impairment testing of
goodwill, investment properties and owner-occupied
properties, net realisable value of properties recognised
as inventory, deferred taxes, defined benefit pension
provisions and share-based payment costs. With the
exception of tax for the Estonian subgroup as outlined
below, there have been no significant changes to the
basis upon which the critical accounting policies and
judgments have been determined compared to 31
December 2014.
Tax
For the parent company’s Estonian subgroup,
Swedbank AS, income taxation is triggered only if
dividends are paid. The parent company determines the
dividend payment and has established a specific
dividend policy that a portion of the profit will be
distributed; therefore a deferred tax liability is
recognised based on this dividend policy. During the
second quarter 2015 the decision was taken by the
parent company to take an extra dividend of SEK
3 695m, which generated a tax expense of SEK 929m.
Further dividends are not expected to the paid in the
foreseeable future and the Group continues not to
recognise a deferred tax liability on undistributed profits.
If the largest possible dividend were to be distributed,
the Group would face an estimated tax charge of
SEK 2 312m.
Note 3 Changes in the Group structure
External
During the first quarter 2015 the wholly owned
subsidiary Svensk Fastighetsförmedling AB was sold.
The proceeds from the sale amounted to SEK 245m
and a capital gain of SEK 51m was recognised.
During the second quarter the wholly owned subsidiary
Swedbank Juristbyrå AB was sold for SEK 1m and a
capital gain of SEK 9m was recognised. The divested
subsidiary contributed with 5m to the Group’s total
income for 2015.

Note 4 Operating segments (business areas)
Jan-Jun Large Group
2015 Swedish Baltic Corporates & Functions
SEKm Banking Banking Institutions & Other Eliminations Group
Income statement
Net interest income 6 471 1 696 1 724 1 532 0 11 423
Net commission income 3 697 993 987 -129 38 5 586
Net gains and losses on financial items at fair value 117 95 1 163 -972 -1 402
Other income 406 251 74 377 -93 1 015
Total income 11 197 3 035 3 948 809 -56 18 933
of which internal income 87 0 60 -277 130 0
Staff costs 1 802 419 722 1 494 0 4 437
Variable staff costs 88 37 154 131 0 410
Other expenses 3 110 695 810 -1 542 -56 3 017
Depreciation/amortisation 55 72 33 191 0 351
Total expenses 5 055 1 223 1 719 274 -56 8 215
Profit before impairments 6 142 1 812 2 229 535 0 10 718
Impairment of intangible assets 0 0 0 0 0 0
Impairment of tangible assets 0 -1 0 38 0 37
Credit impairments 100 -58 23 0 0 65
Operating profit 6 042 1 871 2 206 497 0 10 616
Tax expense 1 287 1 195 267 -110 0 2 639
Profit for the period from continuing operations 4 755 676 1 939 607 0 7 977
Profit for the period from discontinued
operations, after tax 0 0 0 17 0 17
Profit for the period 4 755 676 1 939 624 0 7 994
shareholders of Swedbank AB 4 747 676 1 939 624 0 7 986
Non-controlling interests 8 0 0 0 0 8
Balance sheet, SEKbn
Cash and balances with central banks 0 2 5 231 0 238
Loans to credit institutions 45 0 312 185 -439 103
Loans to the public 1 050 126 251 0 0 1 427
Bonds and other interest-bearing securities 0 1 69 150 -9 211
Financial assets for which customers bear inv. risk 154 3 0 0 -2 155
Investments in associates 3 0 0 2 0 5
Derivatives 0 0 103 49 -56 96
Total tangible and intangible assets 3 11 0 2 0 16
Other assets 5 18 35 719 -729 48
Total assets 1 260 161 775 1 338 -1 235 2 299
Amounts owed to credit institutions 83 0 229 268 -431 149
Deposits and borrowings from the public 433 138 126 125 -6 816
Debt securities in issue 2 0 17 843 -16 846
Financial liabilities for which customers bear inv. risk 156 3 0 0 0 159
Derivatives 0 0 99 33 -56 76
Other liabilities 534 0 283 23 -726 114
Subordinated liabilities 0 0 0 25 0 25
Total liabilities 1 208 141 754 1 317 -1 235 2 185
Allocated equity 52 20 21 21 0 114
Total liabilities and equity 1 260 161 775 1 338 -1 235 2 299
Key figures
Return on allocated equity, continuing operations, % 18.4 6.7 19.1 5.6 0.0 14.0
Return on allocated equity, total operations, % 18.4 6.7 19.1 5.8 0.0 14.1
Cost/income ratio 0.45 0.40 0.44 0.34 0.00 0.43
Credit impairment ratio, % 0.02 -0.09 0.02 0.00 0.00 0.01
Loan/deposit ratio, % 245 92 172 0 0 172
Loans, SEKbn 1 050 126 182 0 0 1 358
Deposits, SEKbn 428 138 106 119 0 791
Risk exposure amount, Basel 3, SEKbn 186 76 125 20 0 407
Full-time employees 4 651 3 841 1 201 4 331 0 14 024

Jan-Jun Large Group
2014 Swedish Baltic Corporates & Functions
SEKm Banking Banking Institutions & Other Eliminations Group
Income statement
Net interest income 6 677 1 768 1 717 838 4 11 004
Net commission income 3 410 951 1 133 -24 36 5 506
Net gains and losses on financial items at fair value 103 115 1 141 -241 0 1 118
Other income 759 227 65 577 -147 1 481
Total income 11 614 3 061 4 056 1 151 -107 19 775
of which internal income 87 0 -1 -216 130
Staff costs 2 189 380 657 1 707 0 4 933
Variable staff costs 100 39 149 117 0 405
Other expenses 3 251 737 815 -1 240 -107 3 456
Depreciation/amortisation 32 71 38 210 0 351
Total expenses 5 572 1 227 1 659 794 -107 9 145
Profit before impairments 6 042 1 834 2 397 357 0 10 630
Impairment of intangible assets 0 1 0 0 0 1
Impairment of tangible assets 0 -2 0 206 0 204
Credit impairments 56 -117 -8 -1 0 -70
Operating profit 5 986 1 952 2 405 152 0 10 495
Tax expense 1 198 295 513 131 0 2 137
Profit for the period from continuing operations 4 788 1 657 1 892 21 0 8 358
Profit for the period from discontinued
operations, after tax 0 0 0 -257 0 -257
Profit for the period 4 788 1 657 1 892 -236 0 8 101
shareholders of Swedbank AB 4 780 1 657 1 892 -237 0 8 092
Non-controlling interests 8 0 1 0 9
Balance sheet, SEKbn
Cash and balances with central banks 0 2 4 153 0 159
Loans to credit institutions 42 0 279 141 -364 98
Loans to the public 985 122 215 1 0 1 323
Bonds and other interest-bearing securities 2 1 65 138 -7 199
Financial assets for which customers bear inv. risk 134 2 0 0 -1 135
Investments in associates 3 0 0 1 0 4
Derivatives 0 0 88 35 -47 76
Total tangible and intangible assets 3 11 0 3 0 17
Other assets 7 9 4 653 -632 41
Total assets 1 176 147 655 1 125 -1 051 2 052
Amounts owed to credit institutions 81 0 218 209 -358 150
Deposits and borrowings from the public 405 122 123 52 -5 697
Debt securities in issue 2 1 16 792 -11 800
Financial liabilities for which customers bear inv. risk 134 3 0 0 0 137
Derivatives 0 0 84 20 -47 57
Other liabilities 518 0 196 1 -630 85
Subordinated liabilities 0 0 0 18 0 18
Total liabilities 1 140 126 637 1 092 -1 051 1 944
Allocated equity 36 21 18 33 0 108
Total liabilities and equity 1 176 147 655 1 125 -1 051 2 052
Key figures
Return on allocated equity, continuing operations, % 29.3 15.3 24.6 0.1 0.0 15.5
Return on allocated equity, total operations, % 29.3 15.3 24.6 -1.3 0.0 15.1
Cost/income ratio 0.48 0.40 0.41 0.69 0.00 0.46
Credit impairment ratio, % 0.01 -0.20 -0.01 0.00 0.00 -0.01
Loan/deposit ratio, % 246 99 162 1 0 189
Loans, SEKbn 986 122 158 0 0 1 266
Deposits, SEKbn 401 122 98 48 0 669
Risk exposure amount, Basel 3, SEKbn 178 83 118 28 0 407
Full-time employees 5 047 3 829 1 138 4 668 0 14 682

Operating segments’ accounting policies
The operating segment reporting is based on Swedbank’s accounting policies, organisation and management accounting.
Market-based transfer prices are applied between operating segments, while all expenses within Group Functions are
transfer priced at cost to the operating segments. The net of services purchased and sold internally is recognised as other
expenses in the income statements of the operating segments. Cross-border transfer pricing is applied according to OECD
transfer pricing guidelines.
The Group’s equity attributable to shareholders is allocated to each operating segment taking into account capital adequacy
rules and estimated capital requirements based on the bank’s Internal Capital Adequacy Assessment Process (ICAAP), all
equity is allocated.
The return on equity for the operating segments is based on operating profit less estimated tax and non-controlling interests
in relation to average allocated equity.
Note 5 Net interest income
SEKm 2015 2015 % 2014 % 2015 2014 %
Interest income
Loans to credit institutions 97 83 17 222 -56 180 422 -57
Loans to the public 8 386 8 813 -5 9 864 -15 17 199 19 685 -13
Interest-bearing securities 361 418 -14 642 -44 779 1 208 -36
Derivatives -145 144 -42 -1 -183 -99
Other 224 256 -13 176 27 480 347 38
Total interest income 8 923 9 714 -8 10 862 -18 18 637 21 479 -13
of which interest income reported in net gains and losses on
financial items at fair value 104 298 -65 401 -74 402 479 -16
Interest income according to income statement 8 819 9 416 -6 10 461 -16 18 235 21 000 -13
Interest expenses
Amounts owed to credit institutions -83 -65 28 -177 -53 -148 -307 -52
Deposits and borrowings from the public -333 -460 -28 -964 -65 -793 -1 948 -59
of which deposit guarantee fees -155 -155 0 -138 12 -310 -282 10
Debt securities in issue -3 553 -3 874 -8 -4 321 -18 -7 427 -8 801 -16
of which commissions for government
guaranteed funding 0 0 -12 0 -31
Subordinated liabilities -271 -221 23 -201 35 -492 -342 44
Derivatives 1 309 1 060 23 670 95 2 369 1 300 82
Other -204 -188 9 -144 42 -392 -287 37
of which government stabilisation fund fee -185 -175 6 -133 39 -360 -265 36
Total interest expenses -3 135 -3 748 -16 -5 137 -39 -6 883 -10 385 -34
of which interest income reported in net gains and losses on
financial items at fair value -20 -51 -61 -197 -90 -71 -389 -82
Interest expense according to income statement -3 115 -3 697 -16 -4 940 -37 -6 812 -9 996 -32
Net interest income 5 704 5 719 0 5 521 3 11 423 11 004 4
Net interest margin 0.99 1.05 1.13 1.02 1.12

Note 6 Net commission income
SEKm 2015 2015 % 2014 % 2015 2014 %
Commission income
Payment processing 420 417 1 438 -4 837 878 -5
Card commissions 1 215 1 060 15 1 107 10 2 275 2 091 9
Service concepts 123 134 -8 122 1 257 247 4
Asset management and custody fees 1 462 1 461 0 1 442 1 2 923 2 778 5
Life insurance 182 155 17 128 42 337 252 34
Brokerage and other securities 197 198 -1 180 9 395 368 7
Corporate finance 83 50 66 124 -33 133 250 -47
Lending 250 269 -7 242 3 519 497 4
Guarantees 57 60 -5 58 -2 117 104 13
Deposits 39 44 -11 12 83 59 41
Real estate brokerage 71 71 0 83 -14 142 149 -5
Non-life insurance 18 17 6 21 -14 35 38 -8
Other commission income 123 98 26 103 19 221 223 -1
Total commission income 4 240 4 034 5 4 060 4 8 274 7 934 4
Commission expenses
Payment processing -254 -260 -2 -224 13 -514 -477 8
Card commissions -616 -493 25 -520 18 -1 109 -998 11
Service concepts -4 -4 0 -4 0 -8 -8 0
Asset management and custody fees -337 -326 3 -309 9 -663 -573 16
Life insurance -51 -49 4 -61 -16 -100 -115 -13
Brokerage and other securities -79 -71 11 -85 -7 -150 -160 -6
Lending and guarantees -19 -19 0 -11 73 -38 -25 52
Other commission expenses -38 -68 -44 -33 15 -106 -72 47
Total commission expenses -1 398 -1 290 8 -1 247 12 -2 688 -2 428 11
Total Net commission income 2 842 2 744 4 2 813 1 5 586 5 506 1

Note 7 Net gains and losses on financial items at fair value
SEKm 2015 2015 % 2014 % 2015 2014 %
Valuation category, fair value through profit or loss
Shares and share related derivatives 287 -73 185 55 214 149 44
of which dividend 226 84 187 21 310 296 5
Interest-bearing securities and interest related derivatives 155 218 -29 0 373 -13
Loans to the public -1 137 -151 687 -1 288 1 142
Financial liabilities 233 -173 -275 60 -429
Other financial instruments 3 6 -50 -1 9 -2
Total fair value through profit or loss -459 -173 596 -632 847
Hedge accounting
Ineffective part in hedge accounting at fair value 21 -22 -52 -1 -43 -98
of which hedging instruments -4 991 1 445 2 755 -3 546 4 326
of which hedged items 5 012 -1 467 -2 807 3 545 -4 369
Ineffective part in hedging of net investments in
foreign operations -6 13 8 7 10 -30
Total hedge accounting 15 -9 -44 6 -33
Loan receivables at amortised cost 34 46 -26 0 80 0
Financial liabilities valued at amortised cost -21 0 36 -21 64
Trading related interest
Interest income 104 298 -65 402 -74 402 480 -16
Interest expense -20 -51 -61 -197 -90 -71 -389 -82
Total trading related interest 84 247 -66 205 -59 331 91
Change in exchange rates 429 209 -20 638 149
Total net gains and losses on financial items
at fair value 82 320 -74 773 -89 402 1 118 -64
Distribution by business purpose
Financial instruments for trading related business 424 768 -45 804 -47 1 192 1 322 -10
Financial instruments intended to be held to contractual
maturity -342 -448 -24 -31 -790 -204
Total 82 320 -74 773 -89 402 1 118 -64

Note 8 Other expenses
SEKm 2015 2015 % 2014 % 2015 2014 %
Premises and rents 271 280 -3 422 -36 551 786 -30
IT expenses 433 449 -4 463 -6 882 902 -2
Telecommunications and postage 37 44 -16 42 -12 81 84 -4
Advertising, PR and marketing 67 85 -21 104 -36 152 177 -14
Consultants 70 74 -5 188 -63 144 252 -43
Compensation to savings banks 214 179 20 180 19 393 349 13
Other purchased services 145 154 -6 159 -9 299 327 -9
Security transport and alarm systems 21 18 17 19 11 39 40 -3
Supplies 32 27 19 26 23 59 64 -8
Travel 52 41 27 57 -9 93 110 -15
Entertainment 11 10 10 11 0 21 22 -5
Repair/maintenance of inventories 26 24 8 33 -21 50 62 -19
Other expenses 121 132 -8 142 -15 253 281 -10
Total other expenses 1 500 1 517 -1 1 846 -19 3 017 3 456 -13
Note 9 Credit impairments
SEKm 2015 2015 % 2014 % 2015 2014 %
Provision for loans individually assessed
as impaired
Provisions 144 151 -5 164 -12 295 211 40
Reversal of previous provisions -77 -84 -8 -68 13 -161 -171 -6
Provision for homogenous groups of impaired loans, net 1 -10 -101 -9 -191 -95
Total 68 57 19 -5 125 -151
Portfolio provisions for loans individually assessed
as not impaired -26 -19 37 -18 44 -45 -19
Write-offs
Established losses 243 241 1 351 -31 484 663 -27
Utilisation of previous provisions -128 -149 -14 -208 -38 -277 -396 -30
Recoveries -149 -71 -78 91 -220 -154 43
Total -34 21 65 -13 113
Credit impairments for contingent liabilities and other
credit risk exposures -2 0 -12 -83 -2 -13 -85

Note 10 Loans
31 Dec 2014 30 Jun 2014
Loans after Loans after Loans after
provisions provisions provisions
Group Loans before Carrying Carrying Carrying
SEKm provisions Provisions amount amount % amount %
Loans to credit institutions
Banks 72 080 22 72 058 87 302 -17 69 884 3
Repurchase agreements, banks 18 877 0 18 877 12 473 51 12 510 51
Other credit institutions 8 822 0 8 822 9 049 -3 9 393 -6
Repurchase agreements, other credit institutions 2 856 0 2 856 4 996 -43 6 082 -53
Loans to credit institutions 102 635 22 102 613 113 820 -10 97 869 5
Loans to the public
Private customers 853 300 1 177 852 123 830 158 3 801 219 6
Private, mortgage 716 007 823 715 184 696 398 3 674 198 6
Housing cooperatives 100 834 38 100 796 98 258 3 92 232 9
Private,other 36 459 316 36 143 35 502 2 34 789 4
Corporate customers 507 901 1 893 506 008 495 181 2 464 815 9
Agriculture, forestry, fishing 73 862 112 73 750 72 623 2 70 615 4
Manufacturing 42 876 525 42 351 42 335 0 39 470 7
Public sector and utilities 26 844 31 26 813 21 951 22 21 920 22
Construction 17 405 76 17 329 16 325 6 16 305 6
Retail 34 348 237 34 111 30 759 11 30 410 12
Transportation 12 339 48 12 291 11 926 3 12 433 -1
Shipping and offshore 29 590 60 29 530 30 302 -3 24 362 21
Hotels and restaurants 7 651 43 7 608 6 739 13 6 250 22
Information and communications 5 500 12 5 488 5 562 -1 5 788 -5
Finance and insurance 11 281 40 11 241 10 264 10 12 121 -7
Property management 209 203 383 208 820 205 295 2 185 994 12
Residential properties 53 958 95 53 863 53 003 2 50 524 7
Commercial 91 027 97 90 930 89 144 2 79 396 15
Industrial and Warehouse 41 616 39 41 577 40 919 2 32 999 26
Other 22 602 152 22 450 22 229 1 23 075 -3
Professional services 17 237 192 17 045 16 867 1 15 325 11
Other corporate lending 19 765 134 19 631 24 233 -19 23 822 -18
Loans to the public excluding the Swedish National Debt
Office and repurchase agreements 1 361 201 3 070 1 358 131 1 325 339 2 1 266 034 7
Swedish National Debt Office 1 925 0 1 925 16 556 -88 2 221 -13
Repurchase agreements,
Swedish National Debt Office 1 755 0 1 755 3 449 -49 68
Repurchase agreements, public 65 004 0 65 004 59 163 10 54 462 19
Loans to the public 1 429 885 3 070 1 426 815 1 404 507 2 1 322 785 8
Loans to the public and credit institutions 1 532 520 3 092 1 529 428 1 518 327 1 1 420 654 8
30 Jun 2015

Note 11 Impaired loans etc.
Group 30 Jun 31 Dec 30 Jun
SEKm 2015 2014 % 2014 %
Impaired loans, gross 5 580 6 281 -11 6 312 -12
Provisions for individually assessed impaired loans 1 367 1 306 5 1 255 9
Provision for homogenous groups of impaired loans 674 891 -24 1 088 -38
Impaired loans, net 3 539 4 084 -13 3 969 -11
of which private customers 1 606 1 833 -12 1 989 -19
of which corporate customers 1 933 2 251 -14 1 980 -2
Portfolio provisions for loans individually assessed as not impaired 1 051 1 133 -7 1 211 -13
Share of impaired loans, gross, % 0.36 0.41 -12 0.44 -18
Share of impaired loans, net, % 0.23 0.27 -15 0.28 -18
Provision ratio for impaired loans, % 37 35 6 37 0
Total provision ratio for impaired loans, % 1)
55 53 4 56 -2
Past due loans that are not impaired 4 430 4 362 2 4 123 7
of which past due 5-30 days 2 603 2 409 8 2 780 -6
of which past due 31-60 days 964 1 100 -12 1 008 -4
of which past due 61-90 days2)
380 n.a n.a
of which past due more than 90 days2)
483 853 335
1)
Total provision i.e. all provisions for claims in relation to impaired loans, gross.
2)
New intervals from Q1 2015. The split between the new intervals for previous periods are not available. For periods prior to 31 March 2015, the row of
which past due more than 90 days also includes the interval 61-90 days.
Note 12 Assets taken over for protection of claims and cancelled leases
SEKm 2015 2014 % 2014 %
Buildings and land 624 874 -29 1 466 -57
Shares and participating interests 19 13 46 19 0
Other property taken over 13 13 0 14 -7
Total assets taken over for protection of claims 656 900 -27 1 499 -56
Cancelled leases 52 33 58 59 -12
Total assets taken over for protection of claims
and cancelled leases 708 933 -24 1 558 -55
of which acquired by Ektornet 476 778 -39 1 382 -66
Note 13 Credit exposures
SEKm 2015 2014 % 2014 %
Assets
Cash and balances with central banks 237 956 113 768 158 671 50
Interest-bearing securities 210 604 170 680 23 199 288 6
Loans to credit institutions 102 613 113 820 -10 97 869 5
Loans to the public 1 426 815 1 404 507 2 1 322 785 8
Derivatives 95 640 123 202 -22 75 794 26
Other financial assets 32 764 14 712 25 195 30
Total assets 2 106 392 1 940 689 9 1 879 602 12
Contingent liabilities and commitments
Guarantees 25 876 27 259 -5 26 504 -2
Commitments 255 552 237 007 8 220 344 16
Total contingent liabilities and commitments 281 428 264 266 6 246 848 14
Total credit exposures 2 387 820 2 204 955 8 2 126 450 12

Note 14 Intangible assets
SEKm 2015 2014 % 2014 %
With indefinite useful life
Goodwill 12 076 12 344 -2 12 014 1
Total 12 076 12 344 -2 12 014 1
With finite useful life
Customer base 805 857 -6 902 -11
Internally developed software 623 536 16 502 24
Other 482 582 -17 548 -12
Total 1 910 1 975 -3 1 952 -2
Total intangible assets 13 986 14 319 -2 13 966 0
Jan-Jun Full year Jan-Jun
Goodwill 2015 2014 % 2014 %
Cost
Opening balance 14 668 13 701 7 13 701 7
Additions through business combinations 0 0 0
Disposals 0 0 0
Exchange rate differences -607 967 333
Closing balance 14 061 14 668 -4 14 034 0
Accumulated amortisation and impairments
Opening balance -2 324 -1 941 20 -1 941 20
Impairments 0 0 0
Disposals 0 0 0
Exchange rate differences 339 -383 -79
Closing balance -1 985 -2 324 -15 -2 020 -2
Carrying amount 12 076 12 344 -2 12 014 1
Impairment testing of intangible assets
Goodwill and other intangible assets are tested for impairment annually or when there are indications that the recoverable
amount of the assets is lower than their carrying amount. The recoverable amount is the highest of either value to sell or
value in use. Swedbank calculates value in use by estimating an asset’s future cash flows and calculating them at present
value with a discount rate. Estimated cash flows and discount rates are derived from external sources whenever possible
and appropriate, but must in large part be determined based on executive management’s own assumptions. Executive
management also determines whether there is any need for a new test during the year.
The annual test in 2014 did not lead to any impairment.
Note 15 Amounts owed to credit institutions
SEKm 2015 2014 % 2014 %
Amounts owed to credit institutions
Central banks 13 328 11 159 19 9 736 37
Banks 127 939 150 435 -15 122 984 4
Other credit institutions 1 784 4 112 -57 6 578 -73
Repurchase agreements - banks 4 416 3 839 15 9 246 -52
Repurchase agreements - other credit institutions 1 218 1 908 -36 1 319 -8
Amounts owed to credit institutions 148 685 171 453 -13 149 863 -1

Note 16 Deposits and borrowings from the public
SEKm 2015 2014 % 2014 %
Deposits from the public
Private customers 384 668 371 877 3 357 302 8
Corporate customers 406 776 289 034 41 311 665 31
Deposits from the public excluding the Swedish National Debt Office
and repurchase agreements 791 444 660 911 20 668 967 18
Swedish National Debt Office 1 1 0 1 0
Repurchase agreements - Swedish National Debt Office 0 2 965 0
Repurchase agreements - public 24 810 12 802 94 28 200 -12
Deposits and borrowings from the public 816 255 676 679 21 697 168 17
Note 17 Debt securities in issue
SEKm 2015 2014 % 2014 %
Commercial paper 156 550 195 191 -20 183 567 -15
Covered bonds 537 221 511 666 5 489 719 10
Senior unsecured bonds 138 275 114 840 20 113 333 22
Structured retail bonds 14 382 13 315 8 13 800 4
Total debt securities in issue 846 428 835 012 1 800 419 6
Jan-Jun Full year Jan-Jun
Turnover during the period 2015 2014 % 2014 %
Opening balance 835 012 726 275 15 726 275 15
Issued 523 925 838 981 -38 387 703 35
Business combination 0 2 028 2 028
Repurchased -21 377 -44 924 -52 -25 215 -15
Repaid -477 938 -741 088 -36 -302 614 58
Change in market value or in hedged item in fair value hedge accounting -13 552 22 224 7 431
Changes in exchange rates 358 31 516 -99 4 811 -93
Closing balance 846 428 835 012 1 800 419 6

Note 18 Derivatives
The Group trades derivatives in the normal course of business and to hedge certain positions with regard to the value of equities,
interests and currencies.
Group 2015 2014 2015 2014 2015 2014
SEKm < 1 yr. 1-5 yrs. > 5 yrs. 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec
Derivatives in fair value hedges 82 888 325 366 59 273 467 527 418 889 19 167 23 235 879 340
Derivatives in portfolio fair value
hedges 31 000 70 650 7 800 109 450 73 700 86 1 1 660 1 752
Derivatives in cash flow hedges 0 13 291 8 948 22 239 22 697 0 10 2 167 1 793
Derivatives in hedges of net
investment in foreign operations 0 0 0 0 153 0 0 0 9
Other derivatives 6 997 694 3 202 324 738 019 10 938 037 11 833 956 89 641 110 915 85 602 94 097
Offset amount 0 0 0 0 0 -13 254 -10 959 -14 405 -12 297
Total 7 111 582 3 611 631 814 040 11 537 253 12 349 395 95 640 123 202 75 903 85 694
Nominal amount 30 Jun 2015
Remaining contractual maturity Nominal amount Positive fair value Negative fair value
The amounts offset for derivative assets and derivative liabilities include cash collateral offsets of SEK 1 852m and SEK 701m,
respectively.
Note 19 Financial instruments carried at fair value
Group Fair Carrying Fair Carrying
SEKm value amount Difference value amount Difference
Assets
Financial assets covered by IAS 39
Cash and balances with central banks 237 956 237 956 0 113 768 113 768 0
Treasury bills etc. 93 877 93 870 7 45 904 46 225 -321
Loans to credit institutions 102 613 102 613 0 113 820 113 820 0
Loans to the public 1 434 030 1 426 815 7 215 1 412 718 1 404 507 8 211
Value change of interest hedged items in portfolio hedge 1 194 1 194 0 1 291 1 291 0
Bonds and interest-bearing securities 116 732 116 734 -2 121 189 124 455 -3 266
Financial assets for which the customers bear the
investment risk 155 387 155 387 0 143 319 143 319 0
Shares and participating interest 10 365 10 365 0 9 931 9 931 0
Derivatives 95 640 95 640 0 123 202 123 202 0
Other financial assets 32 764 32 764 0 14 712 14 712 0
Total 2 280 558 2 273 338 7 220 2 099 854 2 095 230 4 624
Investment in associates 5 234 4 924
Non-financial assets 20 627 21 143
Total 2 299 199 2 121 297
Liabilities
Financial liabilities covered by IAS 39
Amounts owed to credit institutions 148 792 148 685 107 171 457 171 453 4
Deposits and borrowings from the public 816 253 816 255 -2 676 662 676 679 -17
Debt securities in issue 850 504 846 428 4 076 842 238 835 012 7 226
Financial liabilities for which the customers bear the investment risk 158 872 158 872 0 146 177 146 177 0
Subordinated liabilities 24 853 24 829 24 18 932 18 957 -25
Derivatives 75 903 75 903 0 85 694 85 694 0
Short positions securities 33 716 33 716 0 27 058 27 058 0
Other financial liabilities 69 271 69 271 0 30 096 30 096 0
Total 2 178 164 2 173 959 4 205 1 998 314 1 991 126 7 188
Non-financial liabilities 11 117 12 798
Total 2 185 076 2 003 924
30 Jun 2015 31 Dec 2014

Valuation Valuation
Instruments with techniques techniques
quoted market using using non-
Group prices in active observable observable
30 Jun 2015 markets market data market data
SEKm (Level 1) (Level 2) (Level 3) Total
Assets
Treasury bills etc. 30 379 63 006 0 93 385
Loans to credit institutions 0 21 693 0 21 693
Loans to the public 0 299 303 0 299 303
Bonds and other interest-bearing securities 73 840 41 752 0 115 592
Financial assets for which the customers bear
the investment risk 155 387 0 0 155 387
Shares and participating interests 10 280 28 58 10 366
Derivatives 41 95 418 180 95 639
Total 269 927 521 200 238 791 365
Liabilities
Amounts owed to credit institutions 0 5 634 0 5 634
Deposits and borrowings from the public 0 25 050 0 25 050
Debt securities in issue 738 30 911 0 31 649
Financial liabilities for which the customers bear
the investment risk 158 872 0 158 872
Derivatives 78 75 825 0 75 903
Short positions, securities 33 702 14 33 716
Total 34 518 296 306 0 330 824
The table above contains financial instruments measured at fair value by valuation level. The Group uses various methods to
determine the fair value for financial instruments depending on the degree of observable market data in the valuation and activity
in the market. Activity is continuously evaluated by analysing factors such as trading volumes and differences in bid and ask
prices.
The methods are divided into three different levels:
• Level 1: Unadjusted, quoted price on an active market
• Level 2: Adjusted, quoted price or valuation model with valuation parameters derived from an active market
• Level 3: Valuation model where a majority of valuation parameters are non-observable and based on internal assumptions.
When financial assets and financial liabilities in active markets have market risks that offset each other, an average of bid and
ask prices is used as a basis to determine the fair values of the risk positions that offset each other. For any open net positions,
bid rates are applied for long positions and ask rates for short positions.
The Group has a continuous process whereby financial instruments that indicate a high level of internal estimates or low level of
observable market data are captured. The process determines the way to calculate and how the internal assumptions are
expected to affect the valuation. In cases where internal assumptions have a material impact on fair value, the financial
instrument is reported in level 3. The process also includes an analysis and evaluation based on the quality of the valuation data
as well as whether a type of financial instrument is to be transferred between levels. There were no transfers of financial
instruments between valuation levels 1 and 2 during the quarter.
Valuation Valuation
Instruments with techniques techniques
quoted market using using non-
Group prices in an observable observable
31 Dec 2014 active market market data market data
SEKm (Level 1) (Level 2) (Level 3) Total
Assets
Treasury bills etc. 32 587 13 137 0 45 724
Loans to credit institutions 0 17 469 0 17 469
Loans to the public 0 340 771 0 340 771
Bonds and other interest-bearing securities 75 188 47 982 0 123 170
Financial assets for which the customers bear
Shares and participating interests 9 681 173 77 9 931
Derivatives 5 399 117 722 81 123 202
Total 266 174 537 254 158 803 586
Liabilities
Amounts owed to credit institutions 0 5 746 0 5 746
Deposits and borrowings from the public 0 16 149 0 16 149
Debt securities in issue 17 768 31 763 0 49 531
Financial liabilities for which the customers bear
Derivatives 6 925 78 769 0 85 694
Short positions, securities 27 024 34 0 27 058
Total 51 717 278 638 0 330 355

Changes in level 3
Group Debt Equity
SEKm securities instruments Derivatives Total Derivatives
January-June 2015
Opening balance 1 January 2015 0 77 81 158 0
Purchases 0 4 0 4 0
Sale of assets 0 -18 0 -18 0
Maturities 0 0 -18 -18 0
Issues 0 0 5 5 0
Transferred from Level 2 to Level 3 0 0 158 158 0
Transferred from Level 3 to Level 2 0 -2 -36 -38 0
Gains or losses 0 -3 -10 -13 0
of which in the income statement, net gains and losses on financial
items at fair value 0 0 -10 -10 0
of which changes in unrealised gains or losses
for items held at closing day 0 -3 0 -3 0
Closing balance 30 June 2015 0 58 180 238 0
Assets Liabilities
Level 3 primarily contains unlisted equity instruments and illiquid options. The options hedge changes in the market value of
hybrid debt instruments, so-called structured products. The structured products consist of a corresponding option element as well
as a host contract, which in principle is an ordinary interest-bearing bond. When the Group determines the level on which the
financial instruments will be reported, they are measured in their entirety on an individual basis. Since the bond part of the
structured products is essentially the financial instrument’s fair value, the internal assumptions normally used to value the illiquid
option element do not have a material impact on the valuation. The financial instrument is thus reported on level 2. Internal
assumptions are of greater importance to individual options that hedge structured products, because of which several are
reported as derivatives on level 3. In general, the Group always hedges market risks that arise in structured products, because of
which differences between the carrying amount of assets and liabilities on level 3 do not reflect differences in the use of internal
assumptions in valuations.
Given historical movements in the underlying prices for options on level 3, it is unlikely that future price movements will affect the
market value by more than SEK +/- 35m. The corresponding pair of value changes arises for financial instruments reported in
level 2.
Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have changed in
significance to the valuation.
Changes in level 3
Group Debt Equity
SEKm securities instruments Derivatives Total Derivatives
January-June 2014
Opening balance 1 January 2014 0 57 133 190 19
Purchases 0 21 0 21 0
Transferred from Level 2 to Level 3 0 0 34 34 0
Transferred from Level 3 to Level 2 0 0 -98 -98 -25
Gains or losses 0 -1 31 30 6
of which in the income statement, net gains and losses on financial
items at fair value 0 -1 31 30 6
of which changes in unrealised gains or losses
for items held at closing day 0 -1 13 12 0
Closing balance 30 June 2014 0 77 100 177 0
Assets Liabilities

Note 20 Pledged collateral
SEKm 2015 2014 % 2014 %
Loan receivables 801 783 780 213 3 752 899 6
Financial assets pledged for policyholders 148 910 136 529 9 129 578 15
Other assets pledged 57 067 53 415 7 60 604 -6
Pledged collateral 1 007 760 970 157 4 943 081 7
Note 21 Offsetting financial assets and liabilities
The disclosures below refer to reported financial instruments that have been offset in the balance sheet or are subject to legally
binding netting agreements, even when they have not been offset in the balance sheet, as well as to related rights to financial
collateral. As of the closing day these financial instruments related to derivatives, repos (including reverse) and securities
lending.
Group 30 Jun 31 Dec 30 Jun 31 Dec
SEKm 2015 2014 % 2015 2014 %
Financial assets and liabilities, which have been offset or are subject to netting or
similar agreements
Gross amount 205 424 213 414 -4 133 812 120 623 11
Offset amount -25 035 -14 735 70 -26 186 -16 073 63
Net amounts presented in the balance sheet 180 389 198 679 -9 107 626 104 550 3
Related amounts not offset in the balance sheet
Financial instruments, netting arrangements 78 217 78 707 -1 78 217 78 707 -1
Financial Instruments, collateral 56 258 66 997 -16 13 350 10 844 23
Cash, collateral 19 410 29 717 -35 14 625 11 907 23
Total amount not offset in the balance sheet 153 885 175 421 -12 106 192 101 458 5
Net amount 26 504 23 258 14 1 434 3 092 -54
Assets Liabilities
The amounts offset for derivative assets and derivative liabilities include cash collateral offsets of SEK 1 852m and SEK 701m,
respectively.

Note 22 Capital adequacy, consolidated situation
Capital adequacy 30 Jun 31 Dec 30 Jun
SEKm 2015 2014 2014
Shareholders' equity according to the Group's balance sheet 113 949 117 203 107 631
Non-controlling interests 51 46 35
Anticipated dividend -5 989 -12 511 -6 068
Deconsolidation of insurance companies -949 -692 -1 694
Value changes in own financial liabilities -7 74 80
Cash flow hedges -11 103 189
Additional value adjustments 1)
-484 0 0
Goodwill -12 166 -12 434 -12 104
Deferred tax assets -81 -166 -218
Intangible assets -1 629 -1 698 -1 674
Net provisions for reported IRB credit exposures -1 433 -1 599 -1 279
Shares deducted from CET1 capital -44 -410 0
Common Equity Tier 1 capital 91 207 87 916 84 898
Additional Tier 1 capital 10 495 4 998 5 024
Total Tier 1 capital 101 702 92 914 89 922
Tier 2 capital 12 969 12 674 12 765
Total capital 114 671 105 588 102 687
Capital requirement for credit risks, standardised approach 3 913 4 295 3 797
Capital requirement for credit risks, IRB 21 535 21 988 21 900
Capital requirement for credit risk, default fund contribution 4 3 3
Capital requirement for settlement risks 0 2 5
Capital requirement for market risks 1 412 1 525 1 478
Trading book 1 379 1 335 1 263
of which VaR and SVaR 704 711 616
of which risks outside VaR and SVaR 675 624 647
FX risk other operations 33 190 215
Capital requirement for credit value adjustment 605 579 607
Capital requirement for operational risks 5 071 4 745 4 745
Capital requirement 32 540 33 137 32 535
Risk exposure amount credit risks 318 147 328 574 321 250
Risk exposure amount settlement risks 3 30 57
Risk exposure amount market risks 17 648 19 059 18 475
Risk exposure amount credit value adjustment 7 567 7 241 7 582
Risk exposure amount operational risks 63 389 59 310 59 310
Risk exposure amount 406 754 414 214 406 674
Common Equity Tier 1 capital ratio, % 22.4 21.2 20.9
Tier 1 capital ratio, % 25.0 22.4 22.1
Total capital ratio, % 28.2 25.5 25.3
Capital buffer requirement 2)
30 Jun 31 Dec
% 2015 2014
CET1 capital requirement including buffer requirements 10.1 7.0
of which minimum CET1 requirement 4.5 4.5
of which capital conservation buffer 2.5 2.5
of which countercyclical capital buffer 3)
0.1 0.0
of which systemic risk buffer 3.0 0.0
CET 1 capital available to meet buffer requirement 4)
17.9 16.4
Capital adequacy Basel 1 floor 30 Jun 31 Dec % or 30 Jun % or
SEKm 2015 2014 pp 2014 pp
Capital requirement Basel 1 floor 70 531 69 557 1 65 853 7
Own funds Basel 3 adjusted according to rules for Basel 1 floor 116 104 107 187 8 103 966 12
Surplus of capital according to Basel 1 floor 45 573 37 630 21 38 113 20
Leverage ratio 5)
30 Jun 31 Dec 30 Jun
2015 2014 2014
Tier 1 Capital, SEKm 101 702 92 914 89 922
Leverage ratio exposure, SEKm 2 264 851 2 066 385 2 073 597
Leverage ratio, % 4.5 4.5 4.3
1) Adjustment due to the implementation of EBA’s technical standards on prudent valuation. The objective of these standards is to
determine prudent values of fair valued positions.
2) Buffer requirement according to Swedish implementation of CRD IV
3) Calculated to 0.06% based on Swedbank’s relevant credit exposures applied with recognized rate in Norway of 1.0%.
4) CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any CET1 items used to
meet the Tier 1 and total capital requirements
5) Calculated according to applicable regulation at each respective reporting date.

The consolidated situation for Swedbank as of 30 June
2015 comprised the Swedbank Group with the
exception of insurance companies. The Entercard
Group was included as well through the proportionate
consolidation method.
In February 2015 Swedbank issued USD 750m in
Additional Tier 1 capital with a contractually optional
annual coupon rate of 5.5 per cent. The issuance was in
the form of a perpetual subordinated debt instrument,
which has a call option in 5 years. The instrument also
has a mandatory conversion to a variable number of
ordinary shares if Swedbank’s regulatory capital base
falls below a certain level. Swedbank classifies the
instrument as Subordinated liabilities in the consolidated
balance sheet, even though it is considered part of Tier
1 capital in the capital adequacy report.
The note contains the information made public
according to the Swedish Financial Supervisory
Authority Regulation FFFS 2014:12, chap. 8. Additional
periodic information according to Regulation (EU) No
575/2013 of the European Parliament and of the Council
on supervisory requirements for credit institutions and
Implementing Regulation (EU) No 1423/2013 of the
European Commission can be found on Swedbank’s
website: http://www.swedbank.com/investor-
relations/risk-and-capital-adequacy/risk-report/index.htm
Swedbank
Consolidated situation
Credit risk, IRB 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec
SEKm 2015 2014 2015 2014 2015 2014
Institutional exposures 115 223 136 263 15 15 1 382 1 666
Corporate exposures 476 158 461 567 36 37 13 620 13 616
Retail exposures 955 268 931 884 8 8 5 913 6 110
of which mortgage 860 749 839 420 6 6 3 836 4 001
of which other 94 519 92 464 27 29 2 077 2 109
Securitisation 612 763 10 11 5 7
Non credit obligation 56 418 75 078 14 10 615 589
Total credit risks, IRB 1 603 679 1 605 555 17 17 21 535 21 988
requirement
Exposure
value risk weighting, %
Average Capital

Risk exposure amount and Own funds requirement, consolidated situation
30 Jun 2015
SEKm
Risk exposure
amount
Own funds
requirement
Credit risks, STD 48 918 3 913
Central government or central banks exposures 364 29
Regional governments or local authorities exposures 274 22
Public sector entities exposures 56 4
Multilateral development banks exposures 0 0
International organisation exposures 0 0
Institutional exposures 1 154 92
Corporate exposures 9 854 788
Retail exposures 16 273 1 302
Exposures secured by mortgages on immovable property 1 289 103
Exposures in default 477 38
Exposures associated with particularly high risk 7 1
Exposures in the form of covered bonds 4 0
Items representing securitisation positions 0 0
Exposures to institutions and corporates with a short-term credit assessment 0 0
Exposures in the form of units or shares in collective investment undertakings 0 0
Equity exposures 14 697 1 176
Other items 4 469 358
Credit risks, IRB 269 184 21 535
Institutional exposures 17 264 1 381
Corporate exposures 170 252 13 620
of which specialized lending in category 1 18 1
of which specialized lending in category 4 1 017 81
of which mortgage lending 47 945 3 836
of which other lending 25 966 2 077
Securitisation 65 5
Non-credit obligation 7 693 615
Credit risks, Default fund contribution 44 4
Settlement risks 4 0
Market risks 17 648 1 412
Trading book 17 239 1 379
FX risk other operations 409 33
Credit value adjustment 7 567 605
Operational risks 63 389 5 071
of which Basic indicator approach 1 527 122
of which Standardised approach 61 862 4 949
Total 406 754 32 540
Credit risks
The Internal Ratings-Based Approach (IRB) is applied
within the Swedish part of Swedbank’s consolidated
situation, including the branch offices in New York and
Oslo but excluding EnterCard, several small
subsidiaries and certain exposure classes such as
exposures to national governments and municipalities.
IRB is also applied for the majority of Swedbank’s
exposure classes in the Baltic countries.
When it acts as clearing member, Swedbank calculates
a capital base requirement for its pre-financed
contributions to the default fund of qualified and
unqualified central counterparty funds.
The standardised approach is applied for exposures,
excluding capital requirements for default fund
contribution, which are not calculated according to IRB.
Market risks
Under current regulations, capital adequacy for market
risks can be based on either a standardised approach or
an internal Value at Risk model, which requires the
approval of the SFSA. The parent company has
received such approval and uses its internal VaR model
for general interest rate risks, general and specific share
price risks and currency risks in the trading book. The
approval also covers operations in the Baltic countries
with respect to general interest rate risks and currency
risks in the trading book. Exchange rates risks outside
the trading book, i.e. in other operations, are mainly of a
structural and strategic nature and are less suited to a
VaR model.
These risks are instead estimated according to the
standardised approach, as per the Group’s internal
approach to managing these risks.

Strategic currency risks mainly arise through risks
associated with holdings in foreign operations.
Credit valuation adjustment
The risk of a credit valuation adjustment is estimated
according to the standardised approach and was added
after the implementation of the new EU regulation
(CRR).
Operational risk
Swedbank calculates operational risk mainly using the
standardised approach. SFSA has stated that
Swedbank meets the qualitative requirements to apply
this method.
Basel 1 floor
The transition rules state that the minimum capital
requirement must not fall below 80 per cent of the
requirement according to the Basel 1 rules.
Note 23 Internal capital requirement
This note provides information on the internal capital
assessment according to chapter 8, section 5 of the
SFSA’s regulation on prudential requirements and
capital buffers (2014:12). The internal capital
assessment is published in the interim report according
to chapter 8, section 4 of the SFSA’s regulation and
general advice on annual reports from credit institutions
and investment firms (2008:25).
A bank must identify measure and have control over the
risks with which its activities are associated and have
sufficient capital to cover these risks. The purpose of the
Internal Capital Adequacy Assessment process (ICAAP)
is to ensure that the bank is sufficiently capitalised to
cover its risks and to carry on and develop its activities.
Swedbank applies its own models and processes to
evaluate its capital requirements for all relevant risks.
The models that serve as a basis for the internal capital
assessment evaluate the need for economic capital over
a one year horizon at a 99.9% confidence level for each
type of risk. Diversification effects between various
types of risks are not taken into account in the
calculation of economic capital.
As a complement to the economic capital calculation,
scenario-based simulations and stress tests are
conducted at least once a year. The analyses provide
an overview of the most important risks Swedbank is
exposed to by quantifying their impact on the income
statement and balance sheet as well as the capital base
and risk-weighted assets. The purpose is to ensure
efficient use of capital. The methodology serves as a
basis of proactive risk and capital management.
As of 30 June 2015 the internal capital assessment for
Swedbank’s consolidated situation amounted to
SEK 31.5bn (32.3bn as of 31 March). The capital to
meet the internal capital assessment, i.e. the capital
base, amounted to SEK 114.7bn (110.5bn as of 31
March) (see Note 22). Swedbank’s internal capital
assessment with own models are not comparable with
the estimated capital requirement that the SFSA will
release quarterly.
The internally estimated capital requirement for the
Parent Company is SEK 24.7 (26.9bn as of 31 March)
and the capital base is SEK 90.8bn (87.8bn as of 31
March) (see Note Capital adequacy for parent
company).
In addition to what is stated in this interim report, risk
management and capital adequacy according to the
Basel 3 framework are described in more detail in
Swedbank’s annual report for 2014 as well as in
Swedbank’s yearly Risk and Capital Adequacy Report,
available at www.swedbank.com.
Note 24 Risks and uncertainties
Swedbank’s earnings are affected by changes in
the global marketplace over which it has no control,
including macroeconomic factors such as GDP,
asset prices and unemployment as well as changes
in interest rates, equity prices and exchange rates.
In addition to what is stated in this interim report,
detailed descriptions are provided in Swedbank’s 2014
annual report and in the annual disclosure on risk
management and capital adequacy according to Basel 2
rules, available on www.swedbank.com.

Effect on value of assets and liabilities in SEK and foreign currency, including derivatives
if interest rates increase by 100bp, 30 Jun 2015
Group
SEKm < 5 years 5-10 years >10 years Total
Swedbank,
the Group -1 264 -370 361 -1 272
of which SEK -1 129 -370 372 -1 127
of which UVAL -135 0 -11 -146
Of which financial instruments at fair value
reported through profit or loss -521 31 1 -489
of which SEK -608 -3 -8 -619
of which UVAL 87 34 10 130
Note 25 Business combinations 2014
On 20 May 2014 Swedbank AB acquired all the shares
in Sparbanken Öresund AB. On the same date,
immediately after the share purchase, Sparbanken
Öresund AB sold a number of bank branches to
Sparbanken Skåne AB. Because certain assets and
liabilities in the combination were acquired to be
immediately divested, they were classified as held for
sale on the acquisition date.
Carrying amount
in the Group at
Group acquisition date
SEKm 20 May 2014
Cash and balances with central banks 20
Loans to credit institutions 4 461
Loans to the public 16 331
Interest-bearing securities 1 973
Shares and participating interests 33
Investments in associates 60
Derivatives 26
Intangible fixed assets 205
Tangible assets 113
Other assets 219
Prepaid expenses and accrued income 134
Group of assets classified as held for sale 10 503
Total assets 34 078
Amounts owed to credit institutions 2 841
Deposits and borrowings from the public 11 596
Debt securities in issue 2 028
Derivatives 49
Deferred tax liabilities 176
Other liabilities 1 626
Subordinated liabilities 947
Liabilities directly associated with group of assets classified as held for sale 11 417
Total liabilities 30 679
Total identifiable net assets 3 398
Acquistion cost, cash 2 938
Bargain purchase, reported as other income 461
The gain recognised on the acquisition was a result of
the fact that Swedbank had to make extensive changes
in the acquired operations, including the divestment of
branches and associated system solutions. For this
reason, a restructuring reserve has been recognised
and immediately after the acquisition amounted to
SEK 591m.

Carrying amount
in the Group at
Group acquisition date
SEKm 20 May 2014
Cash flow
Cash and cash equivalents in the acquired company 20
Acquistion cost, cash -2 938
Net -2 918
Acquired loans, fair value 16 331
Acquired loans, gross contracutal amounts 16 654
Acquired loans, best estimate of the contractual cash 258
From the acquisition date the acquired company
contributed SEK 489m to income and SEK 75m to profit
after tax, excluding the bargain purchase gain. If the
company had been acquired at the beginning of the
2014 financial year, consolidated income to 31
December 2014 would have amounted to SEK 39 653m
instead of SEK 39 304m. The Group’s profit after tax
would have amounted to SEK 16 457m instead of
SEK 16 463m.
Note 26 Discontinued operations
Group
SEKm Russia Total Russia Lithuania Total
Profit from discontinued operations
Income -56 -56 44 139 183
Expenses 13 13 53 134 187
Profit before impairments -69 -69 -9 5 -4
Impairments -28 -28 -20 0 -20
Operating profit -97 -97 -29 5 -24
Tax expense 114 114 -10 0 -10
Post-tax profit for the period of discontinued
operations 17 17 -39 5 -34
Disposal result 0 0 0 0 0
Reclassification adjustments to income statement 0 0 -223 0 -223
of which exchange differences foreign operations 0 0 -508 0 -508
of which hedging of net investments in foreign
operations 0 0 365 0 365
of which income tax 0 0 -80 0 -80
Profit for the period from discontinued operations,
after tax 17 17 -262 5 -257
Group of assets classified as held for sale Russia Total Russia Lithuania Total
Loans to the public 141 141 915 0 915
of which impaired loans, gross 287 287 403 0 403
of which individual provisions -199 -199 -227 0 -227
of which impaired loans, net 88 88 176 0 176
of which portfolio provisions 0 0 -19 0 -19
Non-current tangible assets 0 0 0 100 100
Other assets 66 66 129 107 236
Total assets 207 207 1 044 207 1 251
Liabilities directly associated with group of assets
classified as held for sale
Amounts owed to credit institutions 0 0 0 0 0
Other liabilities 12 12 59 75 134
Total liabilities 12 12 59 75 134
Jan-Jun 2015 Jan-Jun 2014
30 Jun 2015 30 Jun 2014

Note 27 Related-party transactions
During the period normal business transactions were executed
between companies in the Group, including other related
companies such as associates. Partly-owned savings banks are
major associates. During the second quarter 2014 the former
Färs & Frosta Sparbank AB sold its entire holding of Swedbank
shares. The Group’s interest in these shares increased equity in
the consolidated statements by SEK 166m. The holding
generated a net gain of SEK 50m.
Other significant relations include Swedbank’s pension
funds and Sparinstitutens Pensionskassa SPK, which
safeguard employees’ post-employment benefits. These
related parties use Swedbank for customary banking
services.
Note 28 Swedbank’s share
2015 2014 % 2014 %
SWED A
Share price, SEK 193.30 195.50 -1 177.20 9
Number of outstanding ordinary shares 1 105 403 324 1 102 088 935 0 1 102 253 996 0
Market capitalisation, SEKm 213 674 215 458 -1 195 319 9
Number of outstanding shares 2015 2014 2014
Issued shares
SWED A 1 132 005 722 1 132 005 722 1 132 005 722
Repurchased shares
SWED A -26 602 398 -29 750 577 -29 751 726
Repurchase of own shares for trading purposes
SWED A 0 -166 210 0
Number of outstanding shares on the closing day 1 105 403 324 1 102 088 935 1 102 253 996
Earnings per share 2015 2015 2014 2015 2014
Average number of shares
Average number of shares before dilution 1 105 122 231 1 103 628 010 1 101 384 228 1 104 379 248 1 100 279 445
Weighted average number of shares for potential ordinary shares that
incur a dilutive effect due to share-based compensation programme 8 470 089 8 369 723 7 370 491 9 187 405 8 271 614
Average number of shares after dilution 1 113 592 320 1 111 997 733 1 108 754 719 1 113 566 653 1 108 551 059
Profit, SEKm
Profit for the period attributable to shareholders of Swedbank 3 666 4 320 4 139 7 986 8 092
Earnings for the purpose of calculating earnings per share 3 666 4 320 4 139 7 986 8 092
Earnings per share, SEK
Earnings per share before dilution 3.32 3.91 3.75 7.23 7.35
Earnings per share after dilution 3.30 3.88 3.73 7.18 7.30
Within Swedbank's share-based compensation programme, Swedbank AB has during Q1 2015 transferred 2 524 289
shares, and during Q2 2015 transferred 623 890 shares at no cost to employees.

Swedbank AB
Income statement, condensed
Parent company Q2 Q1 Q2 Jan-Jun Jan-Jun
SEKm 2015 2015 % 2014 % 2015 2014 %
Interest income 3 785 4 467 -15 4 560 -17 8 252 8 830 -7
Interest expenses -927 -1 195 -22 -2 012 -54 -2 122 -3 929 -46
Net interest income 2 858 3 272 -13 2 548 12 6 130 4 901 25
Dividends received 5 057 1 652 2 629 92 6 709 7 698 -13
Commission income 2 418 2 265 7 1 710 41 4 683 3 491 34
Commission expenses -893 -797 12 -389 -1 690 -791
Net gains and losses on financial items at fair value -73 -66 11 165 -139 794
Other income 295 254 16 319 -8 549 654 -16
Total income 9 662 6 580 47 6 982 38 16 242 16 747 -3
Staff costs 1 954 2 019 -3 1 953 0 3 973 3 899 2
Other expenses 1 053 1 091 -3 1 105 -5 2 144 2 173 -1
Depreciation/amortisation 1 016 1 077 -6 129 2 093 265
Total expenses 4 023 4 187 -4 3 187 26 8 210 6 337 30
Profit before impairments 5 639 2 393 3 795 49 8 032 10 410 -23
Impairment of financial fixed assets 65 37 76 23 102 223 -54
Impairment of tangible assets 4 17 -76 0 21 0
Credit impairments 43 38 13 34 26 81 37
Operating profit 5 527 2 301 3 738 48 7 828 10 150 -23
Appropriations -17 -16 6 -16 6 -33 -31 6
Tax expense -42 214 607 172 1 127 -85
Profit for the period 5 586 2 103 3 147 78 7 689 9 054 -15
Statement of comprehensive income, condensed
Parent company Q2 Q1 Q2 Jan-Jun Jan-Jun
SEKm 2015 2015 % 2014 % 2015 2014 %
Profit for the period reported via income statement 5 586 2 103 3 147 78 7 689 9 054 -15
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans -1 1 -3 -67 0 -3
Income tax 0 0 1 0 1
Total -1 1 -2 -50 0 -2
Items that may be reclassified to the income statement
Cash flow hedges:
Gains/losses arising during the period 5 -3 -5 2 -9
net interest income 4 3 33 4 0 7 9 -22
Income tax -2 0 0 -2 0 0
Total 7 0 -1 7 0
Other comprehensive income for the period, net of tax 6 1 -3 7 -2
Total comprehensive income for the period 5 592 2 104 3 144 78 7 696 9 052 -15

Balance sheet, condensed
Parent company 30 Jun 31 Dec 30 Jun
SEKm 2015 2014 % 2014 %
Assets
Cash and balance with central banks 203 649 73 802 151 628 34
Loans to credit institutions 430 334 435 979 -1 407 882 6
Loans to the public 437 461 432 879 1 359 495 22
Interest-bearing securities 207 278 160 021 30 183 099 13
Shares and participating interests 70 519 69 970 1 68 678 3
Derivatives 106 603 133 703 -20 88 295 21
Other assets 49 737 40 150 24 23 525
Total assets 1 505 581 1 346 504 12 1 282 602 17
Liabilities and equity
Amounts owed to credit institutions 222 413 222 569 0 186 655 19
Deposits and borrowings from the public 667 952 532 118 26 561 823 19
Debt securities in issue 307 086 318 041 -3 306 451 0
Derivatives 107 357 118 696 -10 79 079 36
Other liabilities and provisions 95 461 51 045 87 62 420 53
Subordinated liabilities 23 882 18 010 33 17 352 38
Untaxed reserves 10 010 10 043 0 6 274 60
Equity 71 420 75 982 -6 62 548 14
Total liabilities and equity 1 505 581 1 346 504 12 1 282 602 17
Pledged collateral 51 482 49 462 4 56 619 -9
Other assets pledged 10 140 7 053 44 5 244 93
Contingent liabilities 548 052 515 934 6 521 983 5
Commitments 220 414 201 188 10 196 839 12

Statement of changes in equity, condensed
Parent company
SEKm
Share capital
Share
premium
reserve
Statutory
reserve
Cash flow
hedges
Retained
earnings Total
January-June 2014
Opening balance 1 January 2014 24 904 13 206 5 968 -7 20 312 64 383
Dividend -11 133 -11 133
Share based payments to employees 0 233 233
employees 13 13
Total comprehensive income for the period 0 9 052 9 052
Closing balance 30 June 2014 24 904 13 206 5 968 -7 18 477 62 548
January-December 2014
Dividend
Repurchase of own shares for trading purposes 0 0 0 0 -33 -33
Share based payments to employees 0 0 0 0 459 459
employees 0 0 0 0 12 12
employees 0 0 0 0 42 42
Total comprehensive income for the period 0 0 0 4 22 248 22 252
Closing balance 31 December 2014 24 904 13 206 5 968 -3 31 907 75 982
January-June 2015
Dividend 0 0 0 0 -12 539 -12 539
Disposal of own shares for trading purposes 0 0 0 0 33 33
Share based payments to employees 0 0 0 0 227 227
employees 0 0 0 0 -35 -35
employees 0 0 0 0 56 56
Total comprehensive income for the period 0 0 0 0 7 696 7 696
Closing balance 30 june 2015 24 904 13 206 5 968 -3 27 345 71 420
Cash flow statement, condensed
Parent company Jan-Jun Full-year Jan-Jun
SEKm 2015 2014 2014
Cash flow from operating activities 140 548 -50 145 31 187
Cash flow from investing activities 7 744 -399 3 083
Cash flow from financing activities -18 445 91 907 84 919
Cash and cash equivalents at beginning of period 73 802 32 439 32 439
Cash and cash equivalents at end of period 203 649 73 802 151 628

Capital adequacy
Capital adequacy, Parent company 30 Jun 31 Dec 30 Jun
SEKm 2015 2014 2014
Common Equity Tier 1 capital 67 548 65 453 59 736
Additional Tier 1 capital 10 487 4 989 5 017
Tier 1 capital 78 035 70 442 64 753
Tier 2 capital 12 776 12 402 12 319
Total capital 90 811 82 844 77 072
Capital requirement 25 392 25 593 23 563
Risk exposure amount 317 404 319 908 294 541
Common Equity Tier 1 capital ratio, % 21.3 20.5 20.3
Tier 1 capital ratio, % 24.6 22.0 22.0
Total capital ratio, % 28.6 25.9 26.2
Capital buffer requirement1) 30 Jun 31 Dec
% 2015 2014
CET1 capital requirement including buffer requirements 7.1 7.0
of which capital conservation buffer 4.5 4.5
of which countercyclical capital buffer 2.5 2.5
of which systemic risk buffer 0.1 0.0
CET 1 capital available to meet buffer requirement 2)
16.8 16.0
Capital adequacy transition rules Basel 1 floor3)
30 Jun 31 Dec % or 30 Jun % or
SEKm 2015 2014 pp 2014 pp
Capital requirement Basel 1 floor 28 512 28 135 1 24 797 15
Own funds Basel 3 adjusted according to rules for Basel 1 floor 91 322 83 414 9 77 472 18
Surplus of capital according to Basel 1 floor 62 810 55 279 14 52 675 19
Leverage ratio 4) 30 Jun 31 Dec 30 Jun
% 2015 2014 2014
Tier 1 Capital, SEKm 78 035 70 442 64 753
Total exposure, SEKm 2 152 105 1 960 610 1 891 584
Leverage ratio, %, 3.6 3.6 3.4
Total exposure taking into account CRR article 429.7 5)
, SEKm 1 292 435 1 130 434 1 084 799
Leverage ratio taking into account CRR article 429.7 5)
, % 6.0 6.2 6.0
1)
Buffer requirement according to Swedish implementation of CRD IV.
2)
CET1 capital ratio as reported, less minimum requirement of 4.5% (excluding buffer requirements) and less any
CET1 items used to meet the Tier 1 and total capital requirements.
3)
Basel 1 floor based on the higher of the Basel 3 capital requirement and 80% of Basel 1 capital requirement. In the
latter case the own funds is adjusted according to CRR article 500.4.
4)
Calculated according to applicable regulation at each respective reporting date.
5)
Taking into account potential exemption according to CRR article 429.7 excluding certain intragroup exposures.

Risk exposure amount and own funds requirement, parent company
30 Jun 2015
SEKm
Risk exposure
amount
Own funds
requirement
Credit risks, STD 89 218 7 138
Central government or central banks exposures 209 17
Regional governments or local authorities exposures 53 4
Public sector entities exposures 44 4
Multilateral development banks exposures 0 0
International organisation exposures 0 0
Institutional exposures 3 918 313
Corporate exposures 7 913 633
Retail exposures 3 758 301
Exposures secured by mortgages on immovable property 645 52
Exposures in default 10 1
Exposures associated with particularly high risk 0 0
Exposures in the form of covered bonds 0 0
Items representing securitisation positions 0 0
Exposures to institutions and corporates with a short-term credit assessment 0 0
Exposures in the form of units or shares in collective investment undertakings 0 0
Equity exposures 71 540 5 723
Other items 1 128 90
Credit risks, IRB 166 721 13 337
Institutional exposures 18 837 1 506
Corporate exposures 120 203 9 616
of which specialized lending 0 0
of which mortgage lending 2 832 227
of which other lending 18 675 1 494
Securitisation 65 5
Non-credit obligation 6 109 489
Credit risks, Default fund contribution 44 4
Settlement risks 4 0
Market risks 16 951 1 356
Trading book 16 553 1 324
FX risk other operations 398 32
Credit value adjustment 7 527 602
Operational risks 36 939 2 955
Standardised approach 36 939 2 955
Total 317 404 25 392

Signatures of the Board of Directors and the President
The Board of Directors and the President certify that the interim report for January-June 2015 provides a fair and accurate
overview of the operations, position and results of the parent company and the Group and describes the significant risks
and uncertainties faced by the parent company and the companies in the Group.
Stockholm, 15 July 2015
Anders Sundström Lars Idermark
Chair Deputy Chair
Ulrika Francke Göran Hedman Anders Igel
Board Member Board Member Board Member
Pia Rudengren Karl-Henrik Sundström Siv Svensson
Maj-Charlotte Wallin Camilla Linder Roger Ljung
Employee Representative Employee Representative
Michael Wolf
President
Review report
Introduction
We have reviewed the year-end report for Swedbank AB (publ) for the period January-June 2015. The Board of Directors
and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34
and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a
conclusion on this interim report based on our review.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 Review of
Interim Financial Information performed by the company’s auditors. A review consists of making inquiries, primarily with
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review
is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing
practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us
aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review
does not give the same level of assurance as a conclusion expressed based on an audit.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report for the Group is
not, in all material aspects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities
Companies and as regards the parent company in accordance the Annual Accounts Act for Credit Institutions and
Securities Companies.
Stockholm, 15 July 2015
Deloitte AB
Svante Forsberg
Authorised Public Accountant

Publication of financial information
The Group’s financial reports can be found on www.swedbank.com/ir
Financial calendar 2015
Interim report for the third quarter 2015 20 October
Year-end report for 2015 2 February 2016
For further information, please contact:
Michael Wolf
President and CEO
Telephone +46 8 585 926 66
Göran Bronner
CFO
Telephone +46 8 585 906 67
Gregori Karamouzis
Head of Investor Relations
Telephone +46 8 585 930 31
+46 72 740 63 38
Cecilia Hernqvist
Head of Communications
Telephone +46 8 585 907 41
Anna Sundblad
Group Press Manager
Telephone +46 8 585 921 07
+46 70 321 39 95
Information on Swedbank’s strategy, values and share is also available on www.swedbank.com
Swedbank AB (publ)
Registration no. 502017-7753
Landsvägen 40
105 34 Stockholm
Telephone +46 8 585 900 00
www.swedbank.com
info@swedbank.se

Interim report Q2 2015

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